DOGE Whale’s $145 Million Bet on Dogecoin, What’s Next?

Dogecoin (DOGE), the favored and the world’s largest meme coin by market capitalization, has damaged its two-week consolidation streak under an important help degree. This breakout and bullish sentiment emerged forward of the inauguration of former US President Donald Trump, scheduled for January 20, 2024.

Whale buys 400 million DOGE

Amid this outbreak, blockchain-based transaction tracker Whale Alert posted on X (previously Twitter) {that a} crypto whale transferred a major 400 million DOGE, price $144.97 million, from Binance to an unknown pockets. This substantial retreat was made by the whale because the meme coin broke out of its consolidation zone.

Along with this current buy by the whale, in the present day’s value surge means that traders might dump their holdings, presumably to make a revenue, as revealed by on-chain analytics agency Coinglass. Spot inflows/outflows knowledge reveals that the exchanges witnessed important DOGE outflows price $35.35 million within the final 24 hours.

These are the primary important inflows since December 11, 2024, a interval wherein traders and long-term holders seem to have accrued DOGE throughout the market downturn.

Dogecoin (DOGE) Technical Evaluation and Upcoming Ranges

In line with skilled technical evaluation, after the current consolidation breakout, DOGE seems bullish and is able to proceed its upward momentum. Based mostly on the current value motion and historic traits, there’s a good probability that the value will rise 22% within the coming days and attain the $0.47 mark.

On the upside, DOGE’s Relative Power Index (RSI) is at the moment under the overbought zone, indicating that the meme coin has loads of room to proceed its upward momentum.

Present value momentum

At present, DOGE is buying and selling round $0.382 and has seen a value rally of over 12% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 95%, indicating larger participation from merchants and traders in comparison with earlier days.