Dogecoin capitalized on the market-wide bullish momentum as its price reached a five-month high of $0.1684 earlier today.

Dogecoin is currently trading at $0.165 after gaining 15% over the past 24 hours. The meme coin’s market cap surpassed the $24 billion mark with a daily trading volume of $3.8 billion.

According to data provided by IntoTheBlock, over 350 million DOGE entered centralized exchanges on Oct. 29 as the meme coin gained upward momentum. Data shows that Dogecoin recorded an exchange net inflow of over $51 million over the past week.

Increased exchange net inflows usually hint at a price correction as some investors could be taking profits.

Despite being 77% down from its all-time high of $0.737, 85% of DOGE holders are still in profit. 

Whales join the show

Dogecoin’s surge above the $0.14 mark triggered increased whale activity. According to ITB data, large transactions consisting of at least $100,000 worth of DOGE rose from 1,230 to 2,290 between Oct. 27 and 28.

Whales moved a total of 15.5 billion DOGE yesterday. Dogecoin witnessed a total of $3.46 billion in large transactions in the past seven days.

On the other hand, the Dogecoin whale accumulation has been constantly declining over the last five days—falling from a net inflow of 456 million on Oct. 25 to 3 million DOGE on Oct. 28.

Declining whale inflows could increase the selling pressure. 

A short pullback could be on the way for Dogecoin before another price surge due to the very high trading volume and exchange inflows.

Source : crypto.news - Oct 29, 2024