Dogecoin Breaks 72-Day Stalemate—Is This the ETF-Driven Rally Musk Was Waiting For?
Is memecoin season truly making a comeback, or is it just another flash in the pan? After noticing last week’s intriguing shifts in the memecoin sector, it’s hard not to feel a spark of excitement — especially as Dogecoin [DOGE], the top memecoin by market cap, finally broke free from a stubborn two-month consolidation, shooting up more than 10%. That’s no small feat in a market that loves to keep traders on their toes. Meanwhile, a whale who bet big on DOGE took a significant hit — but here’s the twist: that loss has shrunk dramatically thanks to this very breakout. Makes you wonder, are we witnessing the turning point that signals a fresh memecoin rally, or just a lucky ripple before the next wave? Either way, the charts and inflows say something’s stirring beneath the surface. Ready to dive deeper? LEARN MORE
The memecoin season is gradually returning, following hints from last week’s performance of this sector.
In that context, the leading memecoin by market cap, Dogecoin [DOGE], broke out after more than two months of consolidation. As a result, DOGE surged by over 10%.
However, a whale who went long on Dogecoin earlier on faced a massive loss that has greatly been reduced.
Breakout pushes DOGE 10% higher
On the charts, Dogecoin broke from a triangle pattern where it had consolidated for about 72 days. The daily candle surged massively, hitting the $0.11 price mark, almost equalling February’s high.
The memecoin has been bouncing off the support level at $0.08708, with most of the accumulation taking place below $0.10.
This breakout indicates the market structure could be shifting. Hence, it aligned with signals of a comeback of the memecoin season, as analyzed earlier by AMBCrypto.
In case this breakout is sustained, the next target is set at $0.1300. Still, there was resistance around $0.12, which could force a correction down to around $0.10, where the trendline resistance passed through.
Therefore, what were the implications of this breakout, and what could have had a hand in it?
Whale’s position sees a reduction in losses
According to HypurrScan, a whale took a 10x long position of 40 million DOGE at an average price of $0.1077, which was valued at $4.40 million. The liquidation price was set at $0.01288.
The whale placed this order when DOGE was starting to surge upwards and entered a massive loss of $13 million. However, the loss has been reduced massively to about $89K after the breakout.
The implication of the breakout was a reduction in losses of the whale.
Dogecoin ETFs see net inflows
The breakout was preceded by a shift in Dogecoin ETF inflows that turned positive. The ETFs recorded daily net inflows of $460K, the first positive inflows in the last two weeks.
Among the DOGE ETFs, only Grayscale’s GDOG saw activity suggesting it was responsible for the capital. The other two DOGD ETFs from 21Shares and Bitwise saw no activity.
Altogether, these inflows, alongside price breakouts, suggested that DOGE was potentially confirming a looming memecoin season.
Final Summary
- Dogecoin price broke out after a 72-day consolidation, surging more than 10%.
- DOGE ETFs saw positive inflows after two weeks of inactivity as a whale reduced losses to $89K.
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