In the last 24 hours, Dogecoin (DOGE) has seen a remarkable surge in on-chain activity. This surge indicates that market whales are optimistic about the popular meme coin. Data from IntoTheBlock’s Whale Netflow metric shows a significant increase in DOGE flowing into the wallets of large holders. The net flow jumped from 45.3 million DOGE to an impressive 431.3 million DOGE, marking a staggering 957% rise.

Investor Accumulation Signals Market Optimism

This surge in net inflows suggests that numerous large investors, defined as those holding more than 0.1% of the circulating DOGE supply, are actively accumulating the cryptocurrency. Such behavior typically signals bullish sentiment, often preceding potential price increases. 

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Observing spikes in net inflows during market lows is common, as it reflects whales taking advantage of price dips to acquire more Dogecoin, which may foreshadow further upward movement. Further supporting this bullish outlook, major holders recently added 620.84 million DOGE to their wallets. 

_{Source: IntoTheBlock}

Despite some outflows where the amount of DOGE held decreased from 56.85 million to 189.54 million, the overall net accumulation remains positive. This indicates that large investors continue to show interest in buying Dogecoin, reinforcing the sentiment that the asset could be poised for growth.

Market Confidence Grows Among Major Players

The significant increase in net inflows and sustained accumulation by whales point to growing confidence in Dogecoin’s future. As large players actively engage in buying, their actions contribute to the bullish sentiment surrounding the cryptocurrency. 

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During today’s trading session alone, DOGE has already risen by 10%, highlighting the positive momentum that these whale activities create. The current whale activity surrounding Dogecoin suggests that significant players believe in its potential for further gains. 

The combination of increased net inflows and consistent accumulation paints an optimistic picture for the future of DOGE, making it a key asset to watch in the coming days.