DOGE Whale Bet $145 Million on Dogecoin, What's Next?
Amid this market movement, blockchain-based trading monitoring tool Whale Alert posted a message on X (formerly Twitter) stating that a crypto whale moved 400 million DOGE worth $144.97 million from Binance to an unknown wallet. The whale made a large-scale withdrawal of funds when the meme coin broke out of the consolidation range.
In addition to the recent purchases by whales, today's price increase suggests that investors may be selling their holdings to realize profits, according to data from on-chain analysis company Coinglass. Spot inflow and outflow data shows that exchanges have witnessed a total of $35.35 million worth of DOGE outflows in the past 24 hours.
This is the first time that exchanges have seen large-scale inflows since December 11, 2024. During this period, investors and long-term holders seem to have accumulated DOGE when the market fell.
According to the technical analysis of experts, DOGE shows a bullish trend after the recent consolidation breakout and seems ready to continue its upward momentum. Combining the recent price dynamics and historical trends, it has the potential to rise by 22% in the coming days and break through the $0.47 mark.
On the positive side, DOGE's relative strength index (RSI) is currently below the overbought zone, which suggests that the meme token still has plenty of room to continue its upward trend.
Currently, DOGE is trading near $0.382, with a price increase of more than 12% in the past 24 hours. During the same period, its trading volume has increased significantly by 95%, indicating that the participation of traders and investors has increased compared to the previous few days.
