Popular meme cryptocurrency Dogecoin (DOGE) has been out of the headlines for days, and while much of it has been about the excellent performance of the DOGE price, the last few days have also been about what's going on with Dogecoin behind it Scenes.

According to data from IntoTheBlock, net inflows of the meme cryptocurrency into wallets holding at least 0.1% of the circulating Dogecoin supply have increased by an impressive 899% in the last 24 hours. This brings the total number of DOGE purchased by whales, minus coins sold, to 527.3 million coins, which is approximately $63 million.

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If we take a closer look at the data, we can see that both the inflow and outflow of these whales have increased over the past day. However, when outflows amounted to 640.1 million DOGE, inflows exceeded 1.17 billion DOGE.

Therefore, we can say that at least the last 24 hours have been marked by bullish activity from Dogecoin whales.

Dogecoin (DOGE): Price Outlook

However, it is better to consider this data in the context of the price of the popular meme cryptocurrency, which has increased by almost 20% since the start of the new week.

DOGE's price ended every day this week in positive territory, and almost every one of those days was accompanied by an increase in net inflows into whales' wallets.

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At the same time, the movement of the indicator into positive territory occurred only the day before yesterday, which means that whales initially sold off the rise of DOGE, and only now did the selling pressure subside and the buying pressure increase.