The meme coin market’s leading asset has continued to showcase its dominance over the past day. Dogecoin has seen a critical metric increase of 582% as DOGE whale holders thrive. Specifically, IntoTheBlock data shows large holder inflows have surged over the last 24 hours.
Indeed, the asset has seen large holder inflows increase from 126.63 million DOGE to more than 754 million. Moreover, that equates to an increase of more than $116 million. Conversely, the original meme coin has increased by nearly 22% over the last week, according to CoinMarketCap.
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Dogecoin Whale Inflows Surge Almost 600%
The digital asset industry’s meme coin market begins and ends with Dogecoin. The market-leading asset has long been perceived as the most dominant option available. Moreover, that lead does not appear to be going anywhere, as the token may be in line for a massive bull rally in the coming days.
That is specifically driven by Dogecoin’s dominance in one key metric, with a 582% surge potentially positioning DOGE whales to drive that aforementioned rally. Indeed, data shows large holder inflows have seen a massive increase over the last 24 hours.
This figure typically depicts the increased acquisitions of these large holders. Both whales and prominent investors will acquire DOGE from centralized exchanges and then transfer them to their storage options. Ultimately, the metric is usually showcasing bullish sentiment from the asset.
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These large holder inflows are most common when an asset has reached its bottom. These correction phases will see noticeable increases in overall buying, with those investors acquiring it at the dip.
An important point of observation would be the coinciding large-holder outflows. Over the last 24 hours, the number has increased, but not significantly. Specifically, the figure has gone from 471.75 million DOGE to 488.89 million.
Overall, this figure is a great way to observe how the most invested traders are behaving. Moreover, it will often fortify bullish or bearish market sentiment. In the case of DOGE and the recent surge, it is undoubtedly an indicator of an impeding bullish rally.