DOGE Whale’s $145 Million Bet on Dogecoin, What’s Next?

Dogecoin (DOGE) Breaks Consolidation, Whale Buys 400 Million

Dogecoin (DOGE), the foremost meme coin by market capitalization, has broken free from its two-week consolidation beneath a critical support level. This bullish breakthrough coincides with the upcoming inauguration of former U.S. President Donald Trump on January 20, 2024.

Whale Acquisition

Amidst this breakout, Whale Alert, a blockchain transaction tracker, reported a significant transfer via Twitter. A crypto whale moved a staggering 400 million DOGE (approximately $144.97 million) from Binance to an unknown wallet, coinciding with the meme coin's breakout.

Investor Activity

Today's price surge suggests potential profit-taking by investors, according to on-chain analytics firm Coinglass. Exchanges have witnessed a substantial $35.35 million worth of DOGE outflows within the past 24 hours. This marks the first significant outflow since December 11, 2024.

Technical Analysis

Technical analysis indicates bullish momentum for DOGE following the consolidation breakout. Price action and historical trends suggest a potential 22% surge, approaching the $0.47 mark in the near future.

Market Metrics

DOGE is currently trading near $0.382, having risen over 12% in 24 hours. Trading volume has increased by 95%, demonstrating greater participation in the market.

The Relative Strength Index (RSI) is below the overbought zone, indicating further potential for upward momentum.