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Dogecoin ($DOGE), the popular and world’s largest meme coin by market cap, has broken out of its two-week-long consolidation streak below a crucial support level. This breakout and bullish sentiment emerged ahead of the inauguration of former United States President Donald Trump, scheduled for January 20, 2024.
Whale Buys 400 Million $DOGE
Amid this breakout, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale transferred a significant 400 million $DOGE, worth $144.97 million, from Binance to an unknown wallet. This substantial withdrawal was made by the whale as the meme coin broke out of its consolidation zone.
🚨 🚨 🚨 🚨 🚨 🚨 399,999,999 #$DOGE (144,917,041 USD) transferred from #Binance to unknown wallethttps://t.co/vIMucAHYhv
— Whale Alert (@whale_alert) January 3, 2025
Besides this recent purchase by the whale, today’s price surge suggests that investors may be dumping their holdings, potentially for profit booking, as revealed by the on-chain analytics firm Coinglass. Data from spot inflow/outflow indicates that exchanges have witnessed a significant $35.35 million worth of $DOGE outflows in the past 24 hours.
This is the first significant inflow exchanges have witnessed since December 11, 2024, a period during which investors and long-term holders appear to have accumulated $DOGE during the market dip.
Dogecoin ($DOGE) Technical Analysis and Upcoming Levels
According to expert technical analysis, $DOGE appears bullish following the recent consolidation breakout and is poised to continue its upward momentum. Based on recent price action and historical trends, there is a strong possibility that it could soar by 22% to reach the $0.47 mark in the coming days.
On the positive side, $DOGE’s Relative Strength Index (RSI) currently stands below the overbought zone, indicating that the meme coin has enough room to continue its upward momentum.
Current Price Momentum
Currently, $DOGE is trading near $0.382 and has experienced a price rally of over 12% in the past 24 hours. During the same period, its trading volume surged by 95%, indicating heightened participation from traders and investors compared to previous days.