Largest Dogecoin Holder Purchases 1.58 Million DOGE Amid $10 Price Target
Dogecoin (DOGE) experienced a 374% increase from $0.10 to a 52-week high of $0.48078 between September and November, with the rally starting in December following a minor pullback. The current market cap of Dogecoin is $60 billion, making it the seventh largest cryptocurrency and influential in the meme coin segment.
The Largest Whale Doubles Up on Dogecoin
The largest holder of Dogecoin, known as theunipcs.eth, recently acquired additional DOGE despite market pullbacks. This whale purchased 1.58 million DOGE for 121 Ethereum tokens, valued at $449,000, increasing their total holdings to 36.64 million DOGE worth $10.55 million, representing nearly 3.66% of the maximum supply. The whale's unrealized profit stands at $9.12 million, reflecting a return of 637% in Dogecoin.
In addition to DOGE, the whale holds significant quantities of other meme tokens: 14.657 billion FLOKI tokens worth $3.32 million, yielding a profit of $882,000; 66.11 billion Simon's Cat tokens valued at $2.76 million with a profit of $2.03 million; and 6.273 billion MAGA tokens worth $404,000, which have generated a profit of $347,000. The whale also possesses 14.6 million $TOKEN tokens worth $1.04 million, with a modest profit of $50.8k and a return of 4.86%.
Dogecoin Rally Extension
Trader Tardigrade's analysis suggests that if Dogecoin breaks above its all-time high, it could trigger an explosive bull run, similar to its breakout in 2018. Historical patterns indicate potential profit-taking zones between $10 and $30 based on past price movements.
$42.91M Worth of Dogecoin Supply to Hit the Market
A report from Tokenomist indicates that over $42 million worth of Dogecoin will be unlocked between December 2nd and 9th, totaling 94.47 million tokens. This amount represents 0.06% of the circulating supply, suggesting that this influx could lead to further market pullbacks for Dogecoin and other meme coins.