CandleFocus DOGE reaches 5-month highs amid high exchange inflows
2024-10-29
Author: Content Editor
Dogecoin's price has reached a five-month high of $0.1684, benefiting from the overall bullish momentum in the market. The meme coin's market cap has surpassed $24 billion, with a daily trading volume of $3.8 billion. Data shows that over 350 million DOGE entered centralized exchanges on Oct. 29, resulting in a net inflow of over $51 million in the past week. Despite being down 77% from its all-time high, 85% of DOGE holders are still in profit. The surge in DOGE's price has triggered increased whale activity, with large transactions worth at least $100,000 rising from 1,230 to 2,290 between Oct. 27 and 28. However, the accumulation of DOGE by whales has been declining in the past five days, which could increase selling pressure. A short pullback in price may be expected before another surge, given the high trading volume and exchange inflows.
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