New reports show a significant 1,645% surge in whale activity around Dogecoin (DOGE), signaling growing interest and momentum for the dog-themed meme coin. Amidst this bullish development, a crypto analyst has confirmed that the Dogecoin bull market is already underway, kicking off even earlier than the post-Bitcoin (BTC) halving the last bull run in 2021.
Dogecoin Whale Activity Soars
Dogecoin whales are now on the move, taking advantage of stable market conditions to accumulate as many tokens as possible. According to data from IntoTheBlock, whale activity saw a massive rise in volume in just one day, with the total large holders’ inflow skyrocketing from 133.08 million DOGE tokens on October 11 to 405.82 million DOGE on October 12. This substantial figure denotes that whale activity jumped over 3X in just a day.
Within the same time range, IntoTheBlock reported that the total large holders netflow for Dogecoin rose from 22.35 million to 367.82 million in a day, representing a 1,545% increase. Even more interesting is that these large holders which hold about 0.1% of Dogecoin’s overall circulating supply have seemingly stopped selling off their DOGE tokens and are on a major accumulation spree.
Total large holder outflows dropped by a whopping 65.45% in the course of a day. On October 11 outflows had risen as high as 110.72 million and then declined to 38 million on October 12. Based on ITB’s report, outflows continue to decline currently, experiencing a notable 11 million decrease in volume as of writing.
Typically, an increase in whale activity often signals a potential rise in demand and interest in trading a cryptocurrency. In the case of Dogecoin, it appears whales are beginning to accumulate more than sell, possibly indicating renewed confidence in the meme coin’s potential for growth.
DOGE Bull Run Kicks Off 140 Days Post Bitcoin Halving
Crypto analyst, Master Kenobi, has announced that the Dogecoin bull run has officially begun. On October 13 in an X (formerly Twitter) post, Master Kenobi drew a comparison between the current bull market and the one that followed the last Bitcoin halving event in 2020. Sharing a chart illustration of Dogecoin’s price movements from 2021 till date, the analyst noted that the green arrow highlighted in the chart represented the start of the Dogecoin bull run.
For more clarity, in the previous cycle, Dogecoin’s bull run began 175 days after the Bitcoin halving in 2020 and was characterized by four consecutive weeks of price increases and two weeks of declines. Master Kenobi has pointed out that in this current cycle, Dogecoin has begun its bull run 140 days after the Bitcoin halving event which occurred on April 20.
He also disclosed that the cryptocurrency has experienced its first four weeks of price gains, however, if these green weeks were a “fake out,” the analyst denotes that the likelihood of seeing more price declines is decreasing.
Featured image created with Dall.E, chart from Tradingview.com
Credit: Source link
