DOGE reaches 5-month highs amid high exchange inflows

Dogecoin benefited from the market-wide bullish momentum as its price reached a five-month high of $0.1684 earlier today.

Dogecoin (DOGE) is currently trading at $0.165 after gaining 15% in the last 24 hours. The market capitalization of the Meme coin exceeded $24 billion, with a daily trading volume of $3.8 billion.

According to data provided by IntoTheBlock, more than 350 million DOGE centralized exchanges entered the exchanges on October 29 as the meme coin gained upward momentum. Data shows that Dogecoin recorded net foreign exchange inflows of over $51 million last week.

DOGE exchange net flows | Source: IntoTheBlock

Increasing foreign exchange net inflows usually indicate a price correction as some investors are able to take profits.

Despite a 77% drop from the all-time high of $0.737, 85% of DOGE holders are still in profit.

Whales join the show

Dogecoin’s rise above $0.14 triggered increased whale activity. According to ITB data, large transactions involving at least $100,000 worth of DOGE increased from 1,230 to 2,290 between October 27-28.

Whales carried a total of 15.5 billion DOGE yesterday. Dogecoin witnessed massive transactions totaling $3.46 billion in the last seven days.

On the other hand, Dogecoin whale accumulation has decreased continuously over the past five days; It dropped from a net inflow of 456 million on October 25 to 3 million DOGE on October 28.

Reduced whale arrivals may increase selling pressure.

Due to very high trading volume and currency inflows, a brief pullback may be on the way for Dogecoin before another price increase.