Dogecoin is once again in the spotlight. According to the latest data from IntoTheBlock, DOGE exchange net inflows have increased by a whopping 10.5%, raising the possibility of a price increase in the near future.
Whale activity is on the rise, and it is worth noting that 73% of holders are currently in profit. However, the question is whether these factors are enough to push DOGE prices to $0.12.
Dogecoin Net Inflows Are Rising
The 10.45% increase in exchange net inflows indicates a major shift in Dogecoin market activity. Typically, when net inflows increase, it means that there is more money in circulation, possibly due to increased buying or selling pressure.
Dogecoin’s recent price increase may reflect increased investor interest, possibly due to expectations of an impending price breakout.
Large Investors Tighten Control
Another important factor driving Dogecoin’s rally is the increase in whale activity. Whales holding more than $5 million worth of Dogecoin currently control 57.86% of the altcoin’s total supply.
This level of concentration suggests that large players are betting on Dogecoin for the long term.
When whales hold such a large amount of the asset, it typically creates positive sentiment in the market and increases the likelihood of an asset price increase.
73% of Dogecoin Holders Are Profitable
One of the most encouraging signs for the future of DOGE is that 73% of holders are currently in profit. A high percentage of holders in profit typically creates an atmosphere of optimism, indicating that the majority of investors are making a profit.
This high rate of profit reinforces market confidence, which in turn drives more buying pressure.
Is Dogecoin Ready to Break Out?
With high exchange net inflows, strong whale activity, and a high percentage of profitable holders, Dogecoin is poised for a bull run. Whether or not it can reach $0.12 remains to be seen.
However, current data certainly paints an optimistic picture for the meme coin’s future.
