478M Dogecoin Moved By Whales, DOGE Breakout Incoming?

A large transfer of Dogecoin has drawn serious attention from the crypto world. Reports indicate that 478 million DOGE coins, worth over $72.9 million, were moved between wallets.

The scale and timing of the move have sparked discussions about what might come next for the popular meme coin.

Dogecoin Whales are Accumulating, Here’s Why

It is worth mentioning that the recent transfer, flagged by Whale Alert, involved two wallets sending large amounts of DOGE to an unknown wallet.

According to the tracking platform, the sender addresses “D7p6n…4dMVQ” and “DFRap….xtmmc” moved amounts ranging from 6484932 DOGE to 90070145 DOGE.

The total transferred meme coins reached 478 million DOGE, sparking renewed interest across the crypto space.

This movement is likely in line with the broader accumulation trend rather than a one-time transfer.

Recent reports indicate that whales have steadily accumulated Dogecoin, taking advantage of price dips to grow their positions.

Supporting this trend, wallets holding over 1 billion DOGE added more than 800 million tokens between April 6 and April 14.

This accumulation occurred as Dogecoin price rose from $0.131 to $0.169. It shows strong confidence among large holders in the current recovery phase.

Based on this recent transaction, the trend continues as large holders load up on DOGE.

In a recent X post, crypto analyst Ali Martinez pointed out that these whales began buying heavily near the $0.16 support level.

The $0.16 level has held firm in past trading activity, serving as key support during previous market moves.

However, this price point now serves as a short-term resistance level. The recent transfers may signal that whales are positioning early for a potential price recovery.

DOGE Price and Twist to Watch

An earlier report suggests that Dogecoin (DOGE) could see a 300% increase based on recurring patterns observed in its historical price data.

As of this writing, market data showed that Dogecoin was priced at $0.1557. According to the DOGE price outlook, it was down by 2.59%.

However, the coin was still close to the key $0.16 level. Traders and long-term holders are closely watching this support zone.

Despite the bearish market, the Elon Musk-backed meme coin has continued to show strong on-chain activity.

With over 148.87 billion coins in circulation, the asset’s trade volume is currently at $709.2 million, and its market capitalization is $23.25 billion.

Dogecoin Fundamentals to Watch

Current market data shows that Dogecoin buyers are trying to regain control of the trend.

However, crypto experts believe they will face resistance around the $0.169 level. It is followed closely by another key barrier at the daily SMA 50, positioned near $0.17.

If the price fails to hold and begins to decline, it could fall below $0.14. Based on historical trends, a drop may increase selling pressure and push the price to $0.10.

However, if buyers break above the SMA 50, Dogecoin could rise to $0.20 in the short term

That level is key in the short term, as a move above it would complete a double-bottom pattern. If confirmed, the next target could be around $0.26, which aligns with the daily SMA 200.