The crypto market is having a green day, as most cryptocurrencies have seen small gains in the last 24 hours. DOGE price has also seen a small increase as it now trades at $0.1584. This Dogecoin price surge marks a 1.90% daily increase, although the weekly price performance is still red. Over the past months, the performance of Dogecoin has been underwhelming, as it has been in a slow downtrend. As such, today’s climb has excited the investors; however, the excitement might be short-lived as DOGE whales seem to be selling.
What’s Behind the $75 Million Dogecoin Whale Move?
On April 17, the Whale Alert crypto tracking service detected a massive transaction of 478,000,000 DOGE. Based on the reports, the transaction was done between two anonymous addresses. The stockpile of DOGE is equal to almost $75 million and was not traced further. Such a significant transaction caused uproar in the community as investors speculated on the possible reasons for this movement. One reason could be that a DOGE whale is purchasing over-the-counter products. However, another reason could be that big investors are getting ready for a big price movement.
Is Dogecoin Failing After Whale Sell-Offs?
We had a recent development on the DOGE whale movements. Crypto analyst Ali Martinez posted an X post in which he stated that whales have been selling Dogecoins. His X post was accompanied by a chart that showed over 500 million Dogecoins have been sold by whales. Additionally, based on this chart, we also see that most sellers were holding 10,000,000 to 100,000,000 DOGE. This sell-off also coincided with the April 14 crypto market crash, which pushed the DOGE price from $0.1680 to $0.15594.
This transfer marked 570 million tokens being sold, which was almost worth $90 million. As such, with the reported 470 million DOGE movement in the last week, now 1,048,000,000 DOGE could have been sold. This means that nearly $165 million is now gone from the liquidity of the DOGE market. However, despite this bearish development, today we saw a small but meaningful Dogecoin price surge. Moreover, based on the price action of DOGE, the technical Dogecoin price prediction remains bullish.
Will Dogecoin Price Surge Lead to a Bullish Breakout?
Today, the price of DOGE has started to rise; however, it still remains below the 50-day and 200-day EMAs. We can also see a crossover as the 50-day EMA broke under the 200-day EMA. Although this is a bearish sign, the price of DOGE shows resilience and has kept its small gain. However, there are also bullish indicators that support a positive Dogecoin price prediction.
Chart 1 – Provided by Sahushaun, published on TradingView, April 19, 2025.
Based on Chart 1, the RSI is at 45 while the RSI moving average is at 42. This creates a bullish crossover, which is a sign of rising market sentiment and buying pressure. Additionally, the 200-day EMA is a strong support that this memecoin can use to start a rally. The rally continues if bulls break the 50-day EMA level.
Can Memecoins Like Dogecoin Survive a Market Downturn?
Although now investors are hopeful about the future price action of DOGE, they must remember that macroeconomics is really important. This is because if the international economy declines further, memecoins lose their appeal. In times of financial decline, if an investment is risky, it will lose more capital. As such, memecoins that represent the most speculative section of crypto are in the most danger.
Source: Coinfomania / Digpu NewsTex