Dogecoin, the popular meme cryptocurrency, has reached a five-month high as its price surged to $0.1684 earlier today. This increase in value comes as Dogecoin capitalized on the overall bullish momentum in the market, with the coin currently trading at $0.165 after a 15% gain over the past 24 hours. The market cap of Dogecoin has also surpassed $24 billion, with a daily trading volume of $3.8 billion.
According to data from IntoTheBlock, over 350 million Dogecoin entered centralized exchanges on October 29th, indicating a significant increase in trading activity. The exchange net inflow for Dogecoin over the past week has been over $51 million, suggesting that some investors may be taking profits as the price continues to rise.
Despite Dogecoin being 77% down from its all-time high of $0.737, 85% of DOGE holders are still in profit. The surge in Dogecoin’s price above $0.14 has also led to increased whale activity, with large transactions of at least $100,000 worth of DOGE rising from 1,230 to 2,290 between October 27th and 28th. Whales moved a total of 15.5 billion DOGE yesterday, with a total of $3.46 billion in large transactions in the past seven days.
However, the accumulation of Dogecoin by whales has been declining over the last five days, falling from a net inflow of 456 million on October 25th to 3 million DOGE on October 28th. This decline in whale inflows could potentially increase selling pressure on Dogecoin in the short term.
Analysts suggest that a short pullback may be on the horizon for Dogecoin before another price surge, given the high trading volume and exchange inflows. Overall, Dogecoin’s recent performance highlights the ongoing volatility in the cryptocurrency market and the potential for significant price movements in the near future.