- Dogecoin’s net exchange flow rose 10.5%, indicating a possible price move.
- Whale activity remains strong with 57.86% of the Dogecoin supply held by large investors.
Dogecoin [DOGE] is back on the radar. According to the latest data from IntoTheBlock, net exchange flow increased by 10.5%. This adds more fuel to the possibility of a price rally in the near future.
Whale activity increased and an astonishing 73% of holders are currently making a profit. But the real question is whether these DOGE can actually help the price rise to $0.12.
Dogecoin net flows are increasing
The 10.45% increase in net exchange flow is indicative of a major change in Dogecoin market activity. Historically, an increase in net flow means there are more coins in circulation, perhaps due to increased buying or selling pressure.
Dogecoin is recent This increase could be used to indicate growing interest among market participants, possibly in anticipation of an impending price breakout.
Source: IntoTheBlock
Major investors are tightening their grip
Another crucial factor for Dogecoin’s momentum is the recent increase in whale activity. Whales who own more than $5 million in Dogecoin currently control 57.86% of the total altcoin supply.
This level of concentration would indicate that major players believe in Dogecoin in the long term.
When whales own such a large portion of an asset, it usually results in positive market sentiment and increases the chances of a rally in its price.
Source: Santiment
73% of Dogecoin holders see profits
Probably the most encouraging sign for DOGE’s future is that 73% of holders are making profits. A high percentage of profitable holders usually creates a bullish atmosphere. It suggests that the majority of investors are reaping the benefits.
This large share of profits increases market confidence, further encouraging buying pressure.
Source: IntoTheBlock
Read Dogecoins [DOGE] Price forecast 2024–2025
Is Dogecoin Ready to Breakout?
With the greatly increased net exchange flow, strong whale activity and extremely high percentage of profitable holders, Dogecoin is positioned for a potential rally. Whether or not it will reach $0.12 remains to be seen.
However, the data certainly paints a bullish picture for the future of the meme coin.
Credit : ambcrypto.com
