New reports show a significant 1,645% increase in whale activity Dogecoin (DOGE)indicating growing interest and momentum for the dog-themed meme coin. Amid this bullish development, a crypto analyst has confirmed that the Dogecoin bull market is already underway and will begin even earlier than the post-Bitcoin (BTC) halving the last bull run in 2021.
Dogecoin whale activity rises
Dogecoin whales are now on the move, taking advantage of stable market conditions to collect as many tokens as possible. According to facts from IntoTheBlock, whale activity saw a massive increase in volume in just one day, with total inflows from major holders skyrocketing from 133.08 million DOGE tokens on October 11 to 405.82 million DOGE on October 12. This substantial figure indicates that whale activity has increased by more than 3x. in just one day.
Within the same time frame, IntoTheBlock reported that the total large holders netflow for Dogecoin increased from 22.35 million to 367.82 million per day, an increase of 1,545%. Even more interesting is that these large holders, who control around 0.1% of Dogecoin’s total circulating supply, have seemingly stopped selling their DOGE tokens and are on a good path. great accumulation wave.
Total large container outflows fell by as much as 65.45% over the course of a day. By October 11, outflows had risen to 110.72 million and then dropped to 38 million on October 12. Based on the ITB report, outflows currently continue to decline, with a notable volume drop of 11 million at the time of writing.
Usually one increase in whale activity often signals a potential increase in demand and interest in trading a cryptocurrency. In the case of Dogecoin, it appears that whales are starting to accumulate more than they sell, possibly indicating renewed confidence in the market the growth potential of the meme coin.
DOGE Bull Run starts 140 days after Bitcoin halving
Crypto analyst Master Kenobi has announced that the Dogecoin bull run has officially started. On October 13 in an X (formerly Twitter) afterMaster Kenobi made a comparison between the current bull market and the market that followed the previous one Bitcoin halving event in 2020. The analyst shared a chart illustration of Dogecoin’s price movements from 2021 to date, noting that the green arrow highlighted in the chart represented the beginning of Dogecoin’s bull run.
For more clarity, in the previous cycleDogecoin’s bull run began 175 days after Bitcoin’s 2020 halving and was marked by four consecutive weeks of price increases and two weeks of declines. Master Kenobi has pointed out that in this current cycle, Dogecoin started its bull run 140 days after the bull run. Bitcoin halving event which took place on April 20.
He also revealed that the cryptocurrency has seen its first four weeks of price increases, but if these green weeks were a “fake out,” the analyst indicates that the likelihood of more price drops is decreasing.
Featured image created with Dall.E, chart from Tradingview.com