Dogecoin

bullish

2024

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Dogecoin capitalized on the market-wide bullish momentum as its price reached a five-month high of $0.1684 earlier today. 
Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank">DOGE</a>) is currently trading at $0.165 after gaining 15% over the past 24 hours. The meme coin’s market cap surpassed the $24 billion mark with a daily trading volume of $3.8 billion. 
According to data provided by IntoTheBlock, over 350 million DOGE entered centralized exchanges on Oct. 29 as the <a href="https://crypto.news/which-meme-coin-will-reach-1-dollar/" target="_blank">meme coin</a> gained upward momentum. Data shows that Dogecoin recorded an exchange net inflow of over $51 million over the past week. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/10/ITB_doge_netflows_undefined_2024-10-29T11_15_11.828Z.png" alt="DOGE reaches 5-month highs amid high exchange inflows - 24" class="wp-image-14306719">
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 DOGE exchange net flows | Source: <a href="https://app.intotheblock.com/coin/DOGE" target="_blank" rel="nofollow">IntoTheBlock</a>
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</figure> 
Increased exchange net inflows usually hint at a price correction as some investors could be taking profits. 
Despite being 77% down from its all-time high of $0.737, 85% of <a href="https://crypto.news/doge-ena-popcat-bsv-surge-double-digits-as-btc-surpasses-71k-and-hits-new-ath/" target="_blank">DOGE</a> holders are still in profit.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/bitcoin-soars-above-71k-crypto-analyst-predicts-a-new-all-time-high/"> Bitcoin soars above $71k, crypto analyst predicts a new all- time high </a> 
<h2 class="wp-block-heading" id="whales-join-the-show">Whales join the show</h2> 
Dogecoin’s surge above the $0.14 mark triggered increased whale activity. According to ITB data, large transactions consisting of at least $100,000 worth of DOGE rose from 1,230 to 2,290 between Oct. 27 and 28. 
Whales moved a total of 15.5 billion DOGE yesterday. Dogecoin witnessed a total of $3.46 billion in large transactions in the past seven days. 
On the other hand, the Dogecoin whale accumulation has been constantly declining over the last five days—falling from a net inflow of 456 million on Oct. 25 to 3 million DOGE on Oct. 28. 
Declining whale inflows could increase the selling pressure.&nbsp; 
A short pullback could be on the way for Dogecoin before another price surge due to the very high <a href="https://crypto.news/glossary/volume-in-crypto-trading/" target="_blank">trading volume</a> and exchange inflows. 
 Read more: <a rel="" href="https://crypto.news/cryptoquant-bitcoins-institutional-demand-sky-explodes-in-2024/"> CryptoQuant: Bitcoin’s institutional demand sky explodes in 2024 </a>

DOGE reaches 5-month highs amid high exchange inflows

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