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The biggest meme cryptocurrency on the market, Dogecoin (DOGE), is once again in the spotlight, with some serious activity behind the scenes, or more precisely in the on-chain realm.

Thus, in the last 24 hours, one of the most important indicators of whale activity - the metric "Large Holders Netflow" of IntoTheBlock - saw a rapid increase from the negative zone of -2.23 million DOGE to 20.66 million DOGE. The latter figure is the net amount of meme coins added by whales in the last day alone.

It is worth mentioning that only those wallets that hold no less than 0.1% of the circulating Dogecoin supply made the cut.

Digging deeper, it becomes obvious that the total inflow of DOGE to whale wallets in the last 24 hours amounted to 76.33 million coins, while the outflow totaled 55.67 million. It is interesting to note that both metrics increased over the period, but inflows still outnumbered outflows.

Dogecoin (DOGE) price outlook

More context to the actions of large Dogecoin investors is provided by the price outlook of the popular meme cryptocurrency. 

Over the past few days, DOGE's price action has been centered on the dynamic resistance level, which is also the upper boundary of the falling wedge pattern that has been forming there for the past nine months. It is no secret that the price of DOGE is forming a bullish pattern, and the outcome is being closely watched by traders and enthusiasts.

However, the last barrier has not yet been broken. At the same time, whales are accumulating as they know that the breakout from the pattern will still happen.

The activity is bullish, and if the price of DOGE proves it, we may see some serious disturbances with the popular meme coin.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.