Dogecoin whale transfers 103 mln DOGE tokens: Sign of a bull run?

• DOGE’s trading volume has increased by 25%, indicating higher participation from traders and investors. 
• There is a high possibility that DOGE could surge by 15% to reach the $0.12 level in coming days.

In recent days, most cryptocurrencies have experienced significant downside moves, including top assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL].

Amid this downturn, a crypto whale transferred a notable amount of Dogecoin [DOGE] tokens to an unknown wallet.

Whale moves 103 million DOGE to wallet

On the 13th of August, blockchain transaction tracker Whale Alert noted via X (previously Twitter) that a crypto whale had transferred 103.8 million tokens worth $11.2 from Bittrex to an unknown wallet.

Moreover, this whale traded these tokens at a crucial support level near $0.100. Following this massive transfer, DOGE started trading near $0.104, having experienced a price surge of over 1.5% in the last 24 hours.

Meanwhile, its trading volume increased by 25% during the same period, suggesting higher participation from traders and investors. 

In addition to the increase in trading volume, DOGE’s Open Interest has also experienced a decent jump of 2% in the last 24 hours, indicating a rising interest from traders and investors.

Dogecoin technical analysis

According to expert technical analysis, DOGE was looking bullish as it moved above the 200 Exponential Moving Average (EMA) on the weekly time frame.

Since April 2024, DOGE has been continuously falling within an ascending channel pattern, while making lower highs and lower lows. 

Source: TradingView

With the recent market crash on the 5th of August, DOGE has made a lower low and was now heading toward a lower high area.

In the coming day days, there was a high possibility it could surge by 15% to reach the $0.12 level. However, if DOGE fails to hold this level, there is a high chance it could see massive selling pressure.

Meanwhile, this level serves as strong support for DOGE and may attract both investors and whales. 

Major liquidation levels

As of press time, the major liquidation levels were near $0.103 on the lower side and $0.109 on the upper side, according to the on-chain analytic firm CoinGlass.

Source: Coinglass

Read Dogecoin Price Prediction 2024-2025

If the sentiment shifts and the price rises to the $0.109 level, nearly $9.36 million of short positions will be liquidated.

Conversely, if sentiment remains unchanged and the price falls to $0.103, nearly $2.93 million of long position will be liquidated.