Something stunningly mysterious has just happened in the on-chain realm of the cryptocurrency market, as 700 million Dogecoin (DOGE) have just been transferred between two previously unknown addresses. 

According to a report by Whale Alert, the sum of DOGE equivalent to over $78.68 million changed hands from "D79tQ" and "D9jmV." While the latter has a history of previous transactions, the former appeared to us as a completely unknown previous wallet. 

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The transfer took place against the backdrop of a greening of the Dogecoin price over the course of the day. The result is still not that great for the most popular meme cryptocurrency, with a gain of just 1.41%. 

🚨 🚨 🚨 🚨 700,000,000 #DOGE (78,682,399 USD) transferred from unknown wallet to unknown wallethttps://t.co/SZp4TwLiBX

— Whale Alert (@whale_alert) October 14, 2024

But what is more important is that the DOGE price managed to break out of the 11-day consolidation that has been in place since Oct. 3, and what's more, it is marching upward, turning traders' monitors green.

Dogecoin price outlook: What's next for DOGE?

The target? It seems that the $0.115 zone could be the next local test for the bullish ambitions of the Dogecoin bulls. If the price of the meme coin manages to break through this zone and, more importantly, make a daily close above it, then Dogecoin's sights will be set much higher. 

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DOGE to USD by CoinMarketCap

However, there is still 2.23% to go before that price point is reached. If it does not reach it, it will most likely mean that buyers are weakening, and that all the hype about the bull market is overblown.

Dogecoin is trying to prove bears wrong. The winner, as always, will be on the price chart first, so all eyes are there.