Whales Accumulate Dogecoin (DOGE) as Bullish On-Chain Signals Resurface

Whales have started accumulating Dogecoin and the selloff has cooled down.

Whales have begun accumulating Dogecoin (CRYPTO: DOGE) as bullish on-chain signals emerge for the largest meme coin.

What Happened: Large holders’ inflows of Dogecoin increased by 970% on Sept. 11, rising from 46.25 million to 493.15 million DOGE, according to data from IntoTheBlock.

The token’s large holder outflows sharply decreased from 442.12 million to 78.17 million DOGE.

The net inflow from large holders reached 414.97 million DOGE, valued at $42.46 million, on Sunday. The metric indicates that whales are accumulating Dogecoin and the selling pressure has eased.

notably, large holders largely dominate Dogecoin, with 62% of its supply present in whale addresses.

The total amount of transactions consisting of at least $100,000 in DOGE reached $942 million over the past week.

The asset’s exchange net inflow also decreased from 84.83 million to 33.42 million DOGE on the same day, according to IntoTheBlock.

Decreasing exchange inflows usually indicate lower selling pressure.

See More: Best Cryptocurrency to Buy Today 11 September 2023

DOGE is trading at $0.1024 at the time of writing, showing a 1.6% gain in the past 24 hours.

The meme coin’s market capitalization is around $14.9 billion, making it the eighth-largest digital currency.

At current levels, DOGE is down 86% from its all-time high of $0.73, set in May 2021.

Earlier this year, Elon Musk, Tesla’s (NASDAQ:TSLA) billionaire CEO, expressed interest in bringing back the meme coin to the automotive company as a form of payment.

Musk’s statement came a few days after a U.S. court dismissed the $258 billion lawsuit against the billionaire and his companies.

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