Dogecoin is nearing a critical breakout, with analysts predicting a 22% price swing based on its current trading range.

An hourly close outside the $0.42–$0.38 zone will signal the direction of the move, making this a key level to watch for traders.

Adding to the excitement, Dogecoin whales have been highly active. Over the past 24 hours, whales have accumulated a staggering 140 million $DOGE, valued at approximately $56 million. This surge in buying activity suggests heightened confidence in the token’s short-term potential.

In a bold move, one prominent whale recently shifted all holdings from $SPX to $DOGE. Over the last two days, the investor sold 10.6 million $SPX for $6.2 million, locking in a profit of around $920,000. However, the transition to Dogecoin has proven less fortunate so far.

Whale Buys 13.95 Million $DOGE

The whale used the $6.2 million from the $SPX sale to purchase 13.95 million $DOGE. Despite this significant acquisition, the current value of these holdings sits at $4.88 million, translating to a loss of $1.33 million.

This high-stakes bet underscores the growing speculation around Dogecoin’s imminent breakout. As market participants keep a close eye on $DOGE’s next moves, whale activity continues to drive volatility and shape sentiment.

Whether the anticipated breakout will validate this whale’s risky strategy remains uncertain. However, with increasing buying pressure and technical indicators pointing toward a decisive move, Dogecoin is firmly in the spotlight.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: Kanchanara on Unsplash  // Image Effects by Colorcinch