Dogecoin (DOGE), the popular and largest meme coin in the world by market capitalization, has broken out of a two-week consolidation below a key support level. This breakout and bullish sentiment comes ahead of the inauguration of former US President Donald Trump, scheduled for January 20, 2024.

Whale Buys 400 Million DOGE

Amid this surge, the blockchain-based transaction tracking tool Whale Alert posted on X (formerly Twitter) that a cryptocurrency whale transferred a significant amount of 400 million DOGE, worth $144.97 million, from Binance to an unidentified wallet. This whale made this significant withdrawal as this meme coin broke out of its consolidation zone.

Aside from the recent whale purchase, today's price surge suggests that investors may be liquidating their holdings, possibly to take profits, as chain analytics firm Coinglass revealed. Data from the on-chain inflow/outflow indicates that exchanges have witnessed a significant outflow of DOGE worth $35.35 million in the past 24 hours.

This is the first significant cash flow exchange witnessed since December 11, 2024, a period when investors and long-term holders seem to have been accumulating DOGE during the market downturn.

Technical Analysis of Dogecoin and Upcoming Levels

According to expert technical analysis, DOGE appears to be bullish following a recent consolidation breakout and is preparing to continue its upward trend. Based on recent price movements and historical trends, there is a strong possibility that it could surge 22% to reach the $0.47 mark in the coming days.

On a positive note, DOGE's Relative Strength Index (RSI) is currently below the overbought region, indicating that this meme coin has the potential to continue its upward momentum.

Current Price Momentum

Currently, DOGE is trading at nearly $0.382 and has experienced a price increase of over 12% in the past 24 hours. During the same period, its trading volume has skyrocketed by 95%, indicating higher participation from traders and investors compared to previous days.

DYOR! #Write2Earn #Write&Earn $DOGE