Dogecoin Surges 10% as Whales Buy 1.14 Billion Tokens

Dogecoin, a cryptocurrency known for its meme origins, saw a notable 10% increase in value, driven by significant purchases from large investors, or whales, and a technical breakout indicating a bullish trend. On-chain data revealed that whales acquired approximately 1.14 billion DOGE during the surge, equating to around $227 million. Mid-sized wallets holding between 1 million and 10 million DOGE added 800 million tokens since May, signaling renewed investor confidence.

Technically, Dogecoin broke through the $0.188 resistance level, corresponding to the 23.6% Fibonacci retracement of July’s price swing. The move above the 100-hour simple moving average confirmed a bullish trend reversal. The hourly Relative Strength Index (RSI) reached 76.49, indicating strong momentum despite entering overbought territory. Meanwhile, open interest in DOGE derivatives climbed 15% in 24 hours to $2.44 billion, highlighting a sharp increase in leveraged long positions.

Social media activity around Dogecoin also spiked, with social volume rising 990% week-over-week. The surge in attention reflects growing optimism surrounding Dogecoin’s price action and broader altcoin participation. This rally is part of a broader trend in the cryptocurrency market, where altcoins have been gaining momentum. The positive sentiment spilled over into altcoins, lifting Dogecoin and other assets with strong technical setups.

With sustained whale interest, bullish chart signals, and growing market confidence, Dogecoin appears well-positioned to test higher resistance levels. However, traders should remain alert for volatility given the sharp pace of gains. The involvement of whales in the market played a crucial role in driving the rally. These large investors, with their substantial holdings, can significantly influence the price of a cryptocurrency through their buying and selling activities. Their recent accumulation of Dogecoin likely contributed to the increased demand, pushing the price higher. The technical breakout further reinforced the bullish sentiment, as it provided a clear signal to traders and investors that the price was likely to continue rising.