Dogecoin (DOGE) whales moved over 514 million tokens today, amid the recent resurgence of the memecoin to reclaim the $0.1 price zone thanks to a recent market-wide recovery.
Whale Alert, a prominent cryptocurrency whale tracking resource, identified the recent transactions in a separate disclosure. The first and larger transaction occurred at 6:56 AM (UTC) today and involved 450 million DOGE worth $41.55 million at the time of the move.
Due to insufficient information at the time of reporting, both the sending and receiving wallets are unverified. The recipient address recently offloaded all balances before receiving a large inflow. Since then they have assets of 450 million DOGE.
However, it appears that the sender is an institutional investor or an exchange. Following the transaction, the address now holds 558.7 million DOGE worth $51.9 million.
The second whale transaction occurred shortly after the first, moving 64.7 million Dogecoin from an unknown wallet to Coinbase. The transfer address, which was activated in August, consolidated these tokens in a series of inflows and then offloaded them to Coinbase today.
Dogecoin pushes to $0.10.
Recent whale movements have sparked selling concerns as Dogecoin is witnessing the early stages of a resurgence from its recent downtrend. In particular, DOGE fell 7.52% from $0.093 on December 15 to yesterday’s low of $0.086.
As the cryptocurrency market recovers, DOGE is riding the dominant trend to recover its December 11 high of $0.1071. Up 1.82% in the last 24 hours, Mimcoin is aiming to end its daily loss streak that saw intraday declines on December 17 and 18.
Interestingly, Dogecoin is consolidating following a previous upward trend that lasted from late November to early December. Amid this consolidation, the asset formed a bullish pennant on the daily time frame. A break above the upper trend line could lead to a continuation of the uptrend.
If the broader market maintains its recent recovery, Dogecoin could engineer a much-needed breakout. Currently trading at $0.093 at the time of reporting, Dogecoin will need to conquer resistance levels at $0.097, $0.099, and $0.1029 to break the flag’s upper trendline.