The most popular meme cryptocurrency, Dogecoin (DOGE), continues to see interesting developments, not only on the price chart but also behind the scenes of the cryptocurrency scene. 

According to IntoTheBlock, the past 24 hours have been marked by a surge in activity with the token on the part of major players, or as they are commonly called, whales. 

In particular, the number of transactions of at least $100,000 increased, with 1,950 such transactions and a total volume of $2.65 billion. In physical terms, the day was characterized by the movement of 21.59 billion DOGE in these large transactions. 

In comparison, the day before, the volume of large Dogecoin transactions was over $900 million less, and the number of DOGE coins moved was 6.32 billion less.

Whales are buying?

Digging deeper, it can be seen that the nature of these transfers was mainly of a buying nature. 

Thus, the inflow of Dogecoin into wallets holding at least 0.1% almost doubled over the past day, reaching 445.15 million DOGE. At the same time, outflows were lower than the day before but still amounted to 386.51 million DOGE. As a result, the net inflow into the wallets of large Dogecoin holders was almost 250 million DOGE.

Thus, we can conclude that whales were indeed active in the popular meme cryptocurrency during the period under review. Moreover, their actions within this activity were bullish in nature.

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.