Dogecoin Whales Scoop $1B as Bullish Breakout Sparks Optimism

Dogecoin whales have acquired over $1 billion worth of DOGE in the past 24 hours, signaling a resurgence of confidence and potentially setting the stage for a bullish market shift.

DOGE's breakout from a long-term downtrend, accompanied by rising volume and heightened whale interest, suggests potential gains towards the $0.25 range. The meme coin has rebounded sharply from $0.18 to $0.207, with support forming and technical indicators hinting at a bullish reversal currently underway.

Dogecoin is once again capturing attention as over $1 billion in DOGE has changed hands within a single day. This sudden surge in buying activity, primarily driven by crypto whales, has ignited a wave of optimism throughout the market. Currently trading at $0.207, the meme coin demonstrates signs of renewed strength following weeks of volatility.

Whales appear to be accumulating positions rapidly, likely anticipating a significant price movement. This activity follows a sharp correction that saw DOGE decline from a high of $0.287 to approximately $0.18. Now, the digital asset is recovering, drawing the attention of traders globally.

Source: Ali

The increased buying pressure follows a bullish wedge breakout, as confirmed by analyst David_W_Watt on X. DOGE has broken its downward trend for the first time in several months. This breakout, supported by strong trading volume, has analysts forecasting a potential run towards the $0.24–$0.25 range. The rebound near $0.19 suggests that buyers are actively defending lower price levels. Consequently, the $0.207 level could now serve as a support base if the current momentum continues.

Volatility Gives Way to Optimism

Dogecoin has a well-documented history of significant price fluctuations, and the current chart patterns reflect this characteristic. From late June to early August, DOGE fluctuated between $0.22 and $0.25 before surging to $0.287 in late July.

That rapid rally, likely fueled by social media hype and whale activity, was followed by an equally swift correction. Prices quickly dropped back to $0.18 within days, reminding traders of the inherent volatility associated with meme coins.

Source: David

However, the decline proved to be short-lived. DOGE rebounded quickly and has been on an upward trajectory since. Furthermore, the recent whale activity suggests growing confidence among major investors, who typically do not make substantial moves without anticipating favorable returns. Consequently, retail traders are now closely monitoring the situation.

Technicals Point to a Bullish Reversal

Analysts have observed that DOGE had been confined within a descending channel for several weeks. The breakout candle, which closed above the trendline, has altered the market structure. Moreover, the 4-hour chart indicates clear support forming near $0.21, a level that previously acted as a strong resistance point. Watt suggests that a safer entry point might be a retest of support, but the overall trend now leans bullish.

Additionally, the increased trading volume indicates a resurgence of trader interest. If DOGE can maintain its position above this level, a test of the $0.24–$0.25 range could follow. Currently, the market is observing with caution, but a sense of excitement has clearly returned.