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Dogecoin Skyrockets 1,856% in Netflows as Whales Trigger Massive Moves
Dog-themed cryptocurrency Dogecoin (DOGE) has risen nearly 29% in the last seven days. Accompanying Dogecoin's price jump is a staggering 1,856% surge in large holder netflows over the same period.
Large Holders Netflow from IntoTheBlock provides insight into whales' position changes, with a spike indicating accumulation from major players and decreases indicating reduced positions or selling.
The 1,856% surge in netflows highlights the positive sentiment surrounding Dogecoin's price, which caused it to outperform the top 50 biggest cryptocurrencies by market cap in weekly gainss.
Dogecoin gained attention in the past week as meme coin discussions hit a five-month high. Tesla CEO Elon Musk tweeted last Tuesday that "D.O.G.E will fix it" in response to an article that California officials had barred the SpaceX company from launching more rockets from the state.
Dogecoin: What's next for price At the time of writing, DOGE was facing mild profit-taking, down 1.45% in the last 24 hours to $0.142.
DOGE's most recent surge has seen it turn-key levels into support, notably the 50-week and 100-week simple moving averages (SMAs) around $0.1196 and $0.970, respectively.
Dogecoin has crossed $0.14, thus the next target price might be $0.17, followed by $0.19. The daily moving average of 50, which is currently at $0.108, is projected to provide major support if profit-taking occurs.
Dogecoin currently ranks as the eighth biggest digital asset, with a market cap of $20.83 billion. Originally conceived as a joke by developers wanting to poke fun at the seriousness of Bitcoin, it evolved into a serious cryptocurrency during a boom in crypto prices between 2020 and 2021.
Spot Bitcoin exchange-traded fund inflows shot up more than 580% this week, as one analyst pointed out that whales were loading up on Bitcoin at a pace akin to the lead-up to the 2020 rally. Over the past week, inflows into the 12 spot Bitcoin ETFs reached $2.13 billion, following six consecutive days of positive inflows. This marks the first time weekly inflows into Bitcoin ETFs have surpassed the $2 billion mark since March 2024. Total net inflows across Bitcoin ETFs have hit a record $20.94 b
Cardano Will Surpass Bitcoin and Ethereum, Charles Hoskinson Hints Timeline
Cardano founder Charles Hoskinson is quite confident of what the Layer-1 blockchain network can achieve in a few years. He recently stated that the Cardano network will see the achievements of Bitcoin (BTC) and the Ethereum (ETH) network in the next 10 years. Cardano's strategic future vision During the much-anticipated fourth annual Cardano Summit 2024 community event in Buenos Aires, Argentina, Hoskinson acknowledged the milestones Cardano has recorded in seven years. These include scaling to