Dogecoin Accumulation Hits 10-Month High Amidst Increased Whale Traction

The accumulation of the leading memecoin by market cap, Dogecoin, has reached a ten-month high. According to data from the blockchain analytics platform, IntoTheBlock, whales bought about 2.07 billion DOGE last week, the highest since January.

Large Dogecoin holders accumulated 2.07 Billion $DOGE last week, the highest since January of this year! pic.twitter.com/AOpdGHzGTe

— IntoTheBlock (@intotheblock) October 7, 2024

Notably, inflows associated with large holders accelerated last week, with significant accumulations seen on October 2 and 4. On those days, whales bought over 500 million DOGE as positive sentiments around the Dogecoin ecosystem continued to surge.

For context, large holders refer to whales who hold over 0.1% of an asset’s circulating supply. Hence, this uptick was noticed among wallets holding at least 146 million DOGE.

Dogecoin On-chain Activities Surge

Meanwhile, other on-chain metrics on the Dogecoin ecosystem also saw an uptick as whales’ traction to the network increased substantially. Last week, active addresses on the Dogecoin network surged to a six-month high, reaching 84,306 users.

Also, the number of large transactions on the Dogecoin network surged considerably. As analyst Ali Martinez confirmed, this influx points to institutional investors’ entry into the Dogecoin ecosystem.

Will Price Follow?

The recent surging on-chain activity on the Dogecoin network has sparked bullish momentum for DOGE. Notably, an uptick in investor tractions of this nature precedes an impending price surge.

Notably, Martinez has predicted a notable surge in DOGE, citing historical price patterns. The seasoned analyst noted that the leading memecoin might be gearing for the next big uptick after officially retesting a multi-year descending triangle, with the recent 65% correction a major confirmation.

However, on-chain metrics point to a bearish disposition for DOGE. Per IntoTheBlock, on-chain signals remain mostly bearish as net network growth remains negative. This bearish sentiment presides despite a notable uptick in large transactions on the blockchain.

Meanwhile, Dogecoin was trading at $0.1125 at the time of writing, up less than 1% in the past 24 hours. The asset earlier surged to $0.114 amidst a broader market uptick before relinquishing most of the gain.