DOGE Whale’s $145 Million Bet on Dogecoin, What’s Next?
Dogecoin (DOGE), the popular meme coin with the world’s largest market capitalization, has broken out of its two-week consolidation below a key support level. This breakout and bullish sentiment comes ahead of former US President Donald Trump’s inauguration, scheduled for January 20, 2024.
Whale purchased 400 million DOGE
In the breakout, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale transferred 400 million DOGE (valued at $144.97 million) from Binance to an unknown wallet. When the meme coin broke out of the consolidation zone, whales made massive divestments.
As revealed by on-chain analytics firm Coinglass, today’s price surge, in addition to recent purchases by whales, suggests investors may be selling off their holdings, possibly to take profits. Spot inflow/outflow data shows that the exchange witnessed $35.35 million worth of DOGE outflows in the past 24 hours.
This is the first time the exchange has seen significant inflows since December 11, 2024, during which investors and long-term holders appeared to accumulate DOGE during market declines.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE is looking bullish after the recent consolidation breakout and is poised to continue its upward momentum. Based on recent price action and historical trends, there is a good chance that it will surge by 22% to reach the $0.47 mark in the coming days.
On the positive side, DOGE’s relative strength index (RSI) is currently sitting below the overbought zone, indicating that the meme token has plenty of room to continue its upward momentum.
Current Price Momentum
Currently, DOGE is trading close to $0.382, with the price rising by more than 12% in the past 24 hours. During the same period, its trading volume surged by 95%, indicating increased participation from traders and investors compared to previous days.
