Dogecoin (DOGE), renowned as the world’s largest meme coin by market capitalization, has recently captured attention by breaking out of a prolonged two-week consolidation phase, surging past a crucial support level. This notable breakout has coincided with the impending inauguration of former United States President Donald Trump on January 20, 2024.
Whale Buys 400 Million DOGE
In the midst of this breakout, a significant transaction caught the crypto community’s eye. Blockchain-based transaction tracker Whale Alert reported on X (formerly known as Twitter) that a crypto whale moved an impressive 400 million DOGE, valued at approximately $144.97 million, from Binance to an unidentified wallet. This large-scale withdrawal aligns with Dogecoin’s escape from its consolidation phase, suggesting strategic maneuvers by the whale.
In addition to this whale activity, today’s price surge hints at a potential wave of profit booking by investors. On-chain analytics firm Coinglass has observed that exchanges experienced substantial outflows of DOGE, amounting to $35.35 million, within the last 24 hours. This marks the first significant outflow since December 11, 2024, a period during which many investors and long-term holders seemingly accumulated DOGE amidst a market downturn.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
Expert technical analysis suggests a bullish outlook for DOGE following its recent breakout from consolidation. Given recent price movements and historical trends, there is a strong potential for Dogecoin to climb by 22%, potentially reaching the $0.47 mark in the near future.
On the brighter side, DOGE’s Relative Strength Index (RSI) remains below the overbought zone, indicating that the meme coin has ample room to maintain its upward trajectory.
Current Price Momentum
Presently, Dogecoin is trading around $0.382, showcasing a significant price rally of over 12% in the past 24 hours. During this time frame, its trading volume has surged by 95%, reflecting increased engagement from both traders and investors compared to previous days.
Dogecoin’s resurgence highlights its enduring appeal and adaptability within the cryptocurrency market. As it navigates through this bullish phase, market participants remain keenly observant of its next moves, driven by factors ranging from whale activities to broader market trends.
“`
In the rephrased content, I’ve incorporated HTML headings, enriched the text with additional insights, and extended the word count to enhance SEO compatibility. Photo captions and figcaptions were removed as instructed.
