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Whales move over 514m Dogecoin amid push to $0.1

whales-move-over-514m-dogecoin-amid-push-to-0-1
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Whales move over 514m Dogecoin amid push to $0.1

Dogecoin (DOGE) whales have moved over 514 million tokens today amid the memecoin’s recent resurgence, as it looks to reclaim the $0.1 price territory on the back of the latest market-wide recovery.

Whale Alert, a prominent crypto whale-tracking resource, identified the recent transactions in separate disclosures. The first and larger transaction occurred today at 6:56 AM (UTC), involving 450 million DOGE worth $41.55 million at the time of the movement. 

https://twitter.com/whale_alert/status/1737003875415023712

Both the sending and recipient wallets remain unidentified due to insufficient information at the reporting time. The recipient address recently offloaded all its balance before receiving the massive inflow. Since then, they have held onto the assets, with a balance of 450 million DOGE.

However, the sender appears to be an institutional investor or an exchange. Following the transaction, the address currently holds 558.7 million DOGE valued at $51.9 million.

The second whale transaction occurred shortly after the first, involving the movement of 64.7 million Dogecoin from an unknown wallet to Coinbase. The sending address, activated in August, had continued to consolidate these tokens in a series of inflows before offloading them to Coinbase today.

Dogecoin pushes for $0.10

The recent whale movements have triggered selloff concerns, as Dogecoin witnesses the initial stages of a resurgence from the latest downtrend. Notably, DOGE collapsed 7.52% from $0.093 on Dec. 15 to a low of $0.086 yesterday.

Whales move over 514m Dogecoin amid push to $0.1 - 1
DOGE price – Dec. 19 | Source: Trading View

As the crypto market has staged a recovery, DOGE is riding on the prevailing trend in an attempt to recover the Dec. 11 highs at $0.1071. With a 1.82% increase over the past 24 hours, the memecoin aims to end a daily losing streak that saw it register intraday declines on Dec. 17 and 18. 

Interestingly, Dogecoin finds itself in a consolidation following the previous uptrend that lasted from late November to early December. Amid this consolidation, the asset has formed a bullish pennant on the daily timeframe. A breakout from the upper trend line could lead to a continuation of the uptrend.

If the recent broader market sustains the recent recovery, Dogecoin could engineer the much-needed breakout. Currently trading for $0.093 at the time of reporting, Dogecoin would need to conquer the resistance points at $0.097, $0.099 and $0.1029 to breach the upper trend line of the flag.