Dogecoin (DOGE) is the largest meme coin by market cap globally. It has broken out of a two-week consolidation below a key support level. This breakout and bullish sentiment come ahead of former U.S. President Donald Trump's inauguration on January 20, 2024.
Whale purchased 400 million DOGE
In this breakout, blockchain 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. Whales executed large withdrawals when the meme coin broke out of the consolidation zone.
🚨 🚨 🚨 🚨 🚨 🚨 399,999,999 #DOGE ($144,917,041) transferred from #Binance to unknown wallet https://t.co/vIMucAHYhv
— Whale Alert (@whale_alert) January 3, 2025
As revealed by on-chain analytics firm Coinglass, aside from the recent purchases by whales, today's price surge suggests that investors may be selling off their holdings, possibly to take profits. Spot inflow/outflow data shows that exchanges witnessed $35.35 million worth of DOGE flowing out in the past 24 hours.
This is the first significant inflow of funds to exchanges since December 11, 2024, during which investors and long-term holders appear to have accumulated DOGE during the market downturn.
Dogecoin (DOGE) technical analysis and upcoming levels
According to expert technical analysis, DOGE appears bullish after its recent consolidation breakout and is set to continue its upward momentum. Based on recent price trends and historical patterns, it is likely to surge by 22% in the coming days, reaching the $0.47 mark.
Source: Trading View
On the positive side, DOGE's relative strength index (RSI) is currently below the overbought area, indicating that the meme token has enough room to continue its upward momentum.
Current price momentum
Currently, DOGE is trading close to $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.
