New reports show a significant 1,645% increase in whale activity around it Dogecoin (DOGE)indicating growing interest and momentum for the dog-themed meme coin. Amid this bullish development, a cryptocurrency analyst confirmed that… Dogecoin bull market Already underway, and will start even before the postBitcoin (BTC) halving Another revolutionary tour in 2021.
High Dogecoin whale activity
Dogecoin whales They 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 spike in volume in just one day, with the total inflow of large whales rising from 133.08 million DOGE tokens on October 11 to 405.82 million DOGE on October 12. This large number indicates that whale activity jumped more than 3X in just one day.
Within the same time range, IntoTheBlock reported that the total Big netflow holders for Dogecoin It rose from 22.35 million to 367.82 million in one day, representing an increase of 1.545%. What’s even more interesting is that these large holders who own about 0.1% of the total circulating supply of Dogecoin have apparently stopped selling their DOGE tokens and are in the lurch. Big accumulation spree.
the total Large carrier flows It dropped by a whopping 65.45% within a single day. On October 11, outflows rose to 110.72 million, then fell to 38 million on October 12. Based on the ITB report, outflows currently continue to decline, seeing a notable decline in volume by 11 million at the time of writing.
Usually, a Increase in whale activity This often indicates a potential rise in demand and interest in cryptocurrency trading. In the case of Dogecoin, it appears that whales have started accumulating more than they are selling, which may indicate renewed confidence in it The potential for meme currency to grow.
DOGE Bull Run starts 140 days after the Bitcoin halving
Cryptocurrency analyst, Master Kenobi, announced that Dogecoin bull race Officially started. On October 13 at X (formerly Twitter) mailMr. Kenobi made a comparison between the current bull market and the one that followed the last one The Bitcoin halving occurred in 2020. Sharing a chart showing Dogecoin’s price movements from 2021 to date, the analyst pointed out that the green arrow shown in the chart represents the beginning of Dogecoin’s upward trend.
For more clarity, see Previous sessionDogecoin’s bull run began 175 days after Bitcoin’s halving in 2020 and was marked by four consecutive weeks of price increases and two weeks of declines. Mr. Kenobi noted that in this current cycle, Dogecoin began its ascent 140 days after its release. Bitcoin halving event Which happened on April 20.
He also revealed that the cryptocurrency has seen its first four weeks of price gains, however, if these green weeks are “fake,” the analyst notes that the likelihood of seeing further price declines is decreasing.
Featured image created with Dall.E, chart from Tradingview.com