DOGE Approaches $0.10 Target as Whales Shuffle 276M Dogecoin

Dogecoin is riding the bullish wave as crypto whales lay the groundwork for a historical moment.

Doge dog riding a whale in outter space.
Created by Gabor Kovacs from DailyCoin
  • Dogecoin’s key on-chain signals turn green as DOGE nears $0.10.
  • One whale makes two simultaneous transfers, encircling $26.5M.
  • DOGE fires up 4.20% gains amid high price correlation with BTC.

Dogecoin is nabbing the attention of the cryptosphere again as the memecoin heads towards its long-term goal of $0.10. Heavily supported by two massive crypto whale transactions over the last 24-hour period, DOGE embarked on an upward price momentum this Wednesday to retest the $0.10 barrier twice.

A slight market correction sent DOGE below $0.10 at 9 AM, and another attempt in the afternoon was unsuccessful in sustaining above the craved price range. However, Dogecoin’s price movement suggests that a third attempt to maintain the $0.10 price zone is incoming, as DOGE strengthens its positions with three bullish on-chain signals.

Onchain signal's data.

The increase in net network growth and large transactions depicts a rising interest rate in DOGE, as confirmed by the spectacular 86% rise in new wallet addresses, according to blockchain analytics platform IntoTheBlock. DOGE witnessed a 37% rise in active crypto wallet addresses on the largest Proof of Work (PoW) chain besides Bitcoin (BTC).


The large transactions metric alludes to cryptocurrency whales waking up from their crypto winter’s sleep and joining the Bitcoin and Ethereum-led bullish party. One massive whale has been spotted relocating a hefty 276 million Dogecoins in two simultaneous transactions on Tuesday evening.

Here’s What the 276M DOGE Whale Transfer Implies

This hefty sum was transferred to a decentralized cryptocurrency address in two parts. The whale initially cashed out 172,893,653 Dogecoins, converting to $16,598,604 at stamped transaction time. The withdrawal was made from Robinhood, a popular retail crypto exchange in the United States.


Just 15 minutes later, the same whale sent another 103,327,256 Dogecoins from their Robinhood account to a decentralized cryptocurrency address. This time, the deed was valued at $9,878,200. According to the blockchain data explorer Blockchair, the receiving end of these two transfers now holds 2,296,915,819.41800022 DOGE, equivalent to $164,392,161.61.

Dogecoin’s Price Movement Draws Similarities to 2021

Crypto wisdom reminds us that the accumulation phase among whales tends to kick in when the market sentiment is strongly positive, as amassing a cryptocurrency in a self-custodial wallet signifies belief in the related crypto. Certainly, the nearest key level to watch is $0.10, as it depicts a historically judicious psychological level.

This has been further noted by several cryptocurrency analysts, drawing historical parallels between the latest Dogecoin price movement and the tremendous voyage to the all-time high of $0.73, recorded in May 2021.

The similar traits in Dogecoin’s technical setup were spotted by Ali Martinez, who explained that DOGE is breaking out of a long-term descending triangle similar to that of 2020, before DOGE embarked on the monumental 28,770% bull run.

On the Flipside

  • Given that Dogecoin (DOGE) is mimicking the rally to $0.73 in May 2021, it’s noteworthy that DOGE is still 86.5% down from the all-time high. 
  • While this hints at growth potential in a bullish scenario, the key support level at $0.085 could be decisive in realizing this potential.

Why This Matters

Dogecoin is the leading meme currency and the second largest Proof of Work (PoW) blockchain, aside from Bitcoin (BTC).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.