Dogecoin (DOGE) is the largest meme coin by market capitalization in the world, having broken out of a two-week consolidation below a key support level. This breakout and bullish sentiment emerged ahead of former U.S. President Donald Trump's inauguration on January 20, 2024.
Whales purchased 400 million DOGE
During this breakout, the blockchain-based transaction tracker Whale Alert reported on X (formerly Twitter) that a cryptocurrency whale transferred 400 million DOGE worth $144.97 million from Binance to an unknown wallet. This massive withdrawal occurred as the whale engaged with the meme coin breaking out of its consolidation zone.
Aside from this recent massive purchase, today's price surge suggests that investors may be liquidating their holdings, possibly to take profits, as revealed by on-chain analysis firm Coinglass. The spot inflow/outflow data shows that the exchange witnessed a DOGE outflow worth $35.35 million in the past 24 hours.
This is the first time since December 11, 2024, that there has been a significant inflow of funds into exchanges, during which investors and long-term holders seem to have accumulated DOGE during the market downturn.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE shows bullish momentum following its recent consolidation breakout and is expected to continue rising. Based on recent price trends and historical patterns, it is likely to soar 22% in the coming days, reaching the level of $0.47.
On a positive note, DOGE's Relative Strength Index (RSI) is currently below the overbought territory, indicating that this meme coin has enough room to continue its upward momentum.
Current Price Momentum
Currently, DOGE is trading at approximately $0.382, with a price increase of over 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.
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