As the US election made headway on November 5, Dogecoin (DOGE) rose 957% in a key bull metric due to increased crypto whale interest in the token. The on-chain activity increased massively as the US elections progressed and also on the results day on November 6 which is indicative of bullish sentiment regarding the meme coin as DOGE supporter Elon Musk backed candidate Donald Trump won the election.
As per data from IntoTheBlock, the wallets of big holders saw a surge in activity in the run-up to the election as indicated. The Whale Netflow metric registered 431.3 million DOGE movement from the 45.3 million seen earlier. This 957% surge in Dogecoin transaction volume in 24 hours showed the crypto market’s interest in the coin.
This metric indicates that large investors like crypto whales moved to collect more Dogecoin to gain an advantage from the Trump win-related surge as they only held 0.1% of the meme coin in circulation. This increase in whale activity further caused the DOGE token to surge as the results were announced.
Such a rise in net inflows during lows in the market isn’t rare as it shows that whales are accumulating the token during price dips to facilitate an upward trend. Furthermore, the recent addition of 620.84 million DOGE meme coins into the wallets of major holders pointed towards a bullish trend. This also led to more Dogecoin leaving these wallets which went from 56.85 million to 189.54 million tokens. However, despite this outflow of DOGE, the net accumulation of the market remained positive which is a result of crypto whale buying the digital assets.
As Dogecoin added 10% to its price on November 5, it was clear that many traders thought the meme coin would be on the rise after the US election results were out as anticipated from the crypto whales’ gathering of the token and the surge in the net inflows.
As of November 7, DOGE has declined 6.35% in the last 24 hours to trade at $0.1869 while its trading volume went down by 56.15% to reach $5.37 billion and its market cap stands at $27.40 billion