Dogecoin Whale Placed Huge $21.24M Bet, Achieving $1.64M Profit

A whale has placed a huge leveraged bet on Dogecoin (DOGE), opening a 10x leveraged long position on 84.08 million DOGE worth around $21.24 million. The whale, identified as "0x6adb," has a track record of timing the market, having closed a previous DOGE long at the top, locking in a $2.14 million profit. The current position is sitting on an unrealized profit of $1.64 million, despite Dogecoin's recent 3.4% decline.

Title: Whale Bet on Dogecoin: A Strategic Move or Speculative Gamble?

In a significant move that has sparked market interest, a prominent whale, identified as "0x6adb," has placed a substantial leveraged bet on Dogecoin (DOGE). The whale has opened a 10x leveraged long position on 84.08 million DOGE, valued at approximately $21.24 million [1]. This move comes amidst a period of increased volatility and speculation surrounding the meme coin.

The whale's strategy is not without precedent. "0x6adb" has a history of successful market timing, having previously closed a DOGE long position at the top, securing a profit of $2.14 million [1]. The current position, despite a recent 3.4% decline in Dogecoin's price, sits on an unrealized profit of $1.64 million.

The whale's decision to take a long position on Dogecoin can be seen as a vote of confidence in the coin's potential. Dogecoin has been experiencing a resurgence, with a 13.9% increase in its price and a 71.4% rise in its daily trading volume [1]. The coin has also garnered attention from institutional players, with Bit Origin Ltd. announcing plans to accumulate Dogecoin as a core treasury asset, aiming to drive its price toward the $1 mark [2].

However, the whale's move also carries significant risk. The cryptocurrency market is known for its volatility, and Dogecoin's price has been subject to wild swings. The coin's recent decline, despite the whale's position, underscores the market's unpredictability. Furthermore, the whale's leveraged position amplifies the potential for both gains and losses.

The whale's bet on Dogecoin is a reminder of the speculative nature of the cryptocurrency market. While the coin's potential as a digital payment solution is growing, its price remains heavily influenced by market sentiment and speculation. The whale's move may signal a shift in market dynamics, but it is also a high-risk, high-reward strategy that could lead to significant losses if the market turns against Dogecoin.

In conclusion, the whale's leveraged bet on Dogecoin is a strategic move that reflects both the coin's potential and the risks inherent in the cryptocurrency market. While the whale's track record suggests a degree of market acumen, the outcome of this bet remains uncertain. Investors and financial professionals should approach this development with caution and a keen eye on the broader market trends.

References

[1] https://www.mitrade.com/insights/news/live-news/article-3-971526-20250719
[2] https://www.hokanews.com/2025/07/bit-origin-bets-500m-on-dogecoin-will.html