Dogecoin’s price reached a five-month peak of $0.1684 earlier today, capitalizing on the market’s overall bullish momentum
Dogecoin is currently trading at $0.165, having experienced a 15% increase in value over the past 24 hours. Market capitalization of the meme coin exceeded $24 billion, with a daily trading volume of $3.8 billion.
As the meme coin acquired upward momentum, over 350 million DOGE entered centralized exchanges on Oct. 29, according to data provided by IntoTheBlock. Data indicates that Dogecoin experienced an exchange net inflow exceeding $51 million in the previous week.
A price correction is typically indicated by an increase in exchange net inflows, as it is possible that some investors are taking profits.
Although the price of DOGE has decreased by 77% from its all-time high of $0.737, 85% of its holders are still in profit.
Whales participate in the performance
Increased whale activity was precipitated by Dogecoin’s ascent above the $0.14 threshold. Between October 27 and 28, the number of significant transactions, which were valued at a minimum of $100,000 in DOGE, increased from 1,230 to 2,290, as indicated by ITB data.
Yesterday, whales transacted a total of 15.5 billion DOGE. In the past seven days, Dogecoin has experienced a total of $3.46 billion in significant transactions.
Conversely, the accumulation of Dogecoin whales has been steadily decreasing over the past five days, with a net inflow of 456 million DOGE on Oct. 25 and a mere 3 million DOGE on Oct. 28.
The selling pressure may be exacerbated by the decrease in whale inflows.
The extremely high trading volume and exchange inflows suggest that Dogecoin may experience a brief decline prior to another price increase.