Recent whale activity in Dogecoin (DOGE) saw over 514 million tokens transferred, signaling potential price movements for the meme-based cryptocurrency. These movements come as DOGE eyes the $0.1 price level following the crypto market’s rebound.
Whale Movements Unveiled
Today witnessed significant transactions tracked by Whale Alert, indicating substantial movement in Dogecoin. The largest transfer, conducted at 6:56 AM (UTC), shifted 450 million DOGE, valued at $41.55 million. The sender and recipient wallets remain unidentified due to limited available information. The recipient, after receiving the massive inflow, has maintained a balance of 450 million DOGE. Meanwhile, the sender, potentially an institutional investor or an exchange, now holds 558.7 million DOGE worth $51.9 million.
A subsequent transaction involved the movement of 64.7 million DOGE from an undisclosed wallet to Coinbase. This activity followed a series of token consolidations by the sender since August.
DOGE’s Path to $0.10
Dogecoin’s recent whale transactions have stirred market discussions amid its resurgence attempts from a recent dip. Having slipped from $0.093 to $0.086, DOGE now aims to reclaim its December 11 peak of $0.1071. With a 1.82% surge in the last 24 hours, the coin strives to break a brief losing streak experienced on December 17 and 18.
Notably, Dogecoin has entered a consolidation phase post a previous uptrend, forming a bullish pennant on the daily chart. A breakout from this pattern’s upper trend line could signal a continuation of the upward trajectory.
The current price stands at $0.093, and breaching resistance levels at $0.097, $0.099, and $0.1029 could pave the way for DOGE to surpass the flag’s upper trend line. As the broader market recovery persists, Dogecoin remains positioned for a potential breakout.
Related article: Meme Coin Frenzy: Dogecoin’s Surge and Rising Stars
