DOGE reaches 5-month highs amid high exchange inflows

Dogecoin capitalized on the broader market’s bullish momentum, reaching a five-month high of $0.1684 earlier today.

Currently, Dogecoin (DOGE) is trading at $0.165, having gained 15% in the past 24 hours. The meme coin’s market capitalization has now surpassed the $24 billion mark, with a daily trading volume of $3.8 billion.

According to data from IntoTheBlock, over 350 million DOGE entered centralized exchanges on October 29, as the coin continued its upward trajectory. The data also reveals that Dogecoin saw an exchange net inflow of over $51 million in the past week. Increased net inflows into exchanges are often seen as a sign that some investors may be preparing for a price correction or taking profits.

Despite being down 77% from its all-time high of $0.737, a significant 85% of DOGE holders remain in profit.

Whales join the show

Dogecoin’s surge above the $0.14 mark has sparked a notable increase in whale activity. According to data from IntoTheBlock (ITB), the number of large transactions—those involving at least $100,000 worth of DOGE—rose sharply from 1,230 to 2,290 between October 27 and October 28.

Whales moved a total of 15.5 billion DOGE on October 28, contributing to a total of $3.46 billion in large transactions over the past week.

However, whale accumulation of Dogecoin has been steadily declining over the last five days. On October 25, net whale inflows were 456 million DOGE, but by October 28, this figure had dropped to just 3 million DOGE.

This decline in whale inflows could potentially increase selling pressure on the coin.

As a result, a short pullback in Dogecoin’s price could be on the horizon before another potential surge, driven by the very high trading volume and continued exchange inflows.