793 Million DOGE on the Move – Whale Activity Fuels 12% Price Surge

A seismic shift of 793 million Dogecoin has sparked speculation of whale involvement as DOGE rallies 12% in 24 hours. On-chain data shows the tokens moved from a dormant wallet to active trading platforms—just as retail FOMO begins kicking in.

Market watchers note the timing aligns perfectly with Elon Musk’s latest cryptic tweet featuring the Doge meme. Meanwhile, derivatives traders are piling into leveraged long positions at levels not seen since the 2021 bull run.

Is this another pump primed for a whale dump? The blockchain doesn’t lie—but as any crypto veteran knows, the ’people’s coin’ has always moved to the whims of a few wealthy addresses. Proceed with diamond hands... and an exit strategy.

Is DOGE’s on-chain activity showing real signs of recovery?

Despite the growing optimism, Dogecoin’s on-chain activity tells a more cautious story. Daily Active Addresses stood at 70,913, and Transaction Count hit 52,071.

While these numbers are slightly up from April lows, they remain far below the March peak when both metrics exceeded 300,000. 

Therefore, the rise appears to be a modest rebound rather than a confirmed recovery.

Sustained upticks in user interaction and transactional demand are necessary to support long-term bullish momentum.

Source: Santiment

From a valuation standpoint, dogecoin remains in favorable territory.

The MVRV Z-Score stood at 0.70, indicating that most holders are not in significant profit, which limits large-scale sell-offs. However, the Stock-to-Flow Ratio has dropped to zero, suggesting a complete halt in issuance.

This sharp fall may reflect mining stagnation or a temporary supply freeze, which in turn introduces scarcity dynamics.

If this persists, the reduced token FLOW could support upward price pressure during speculative runs.

Source: Santiment

Are derivatives and sentiment aligning?

Speculation in the derivatives market is clearly heating up. Trading volume jumped 126.06% to $6.2 billion, while Open Interest ROSE 17.10% to $2.2 billion.

Interestingly, Options Volume increased 55.13%, but Options Open Interest dropped 53.96%. This suggests aggressive short-term repositioning, not long-term conviction.

Supporting this outlook, Santiment’s Weighted Sentiment has climbed to +0.59, marking a strong shift in market mood.

Weighted Sentiment combines both positive and negative commentary across platforms to gauge crowd psychology more accurately.

A rising score indicates that bullish commentary is gaining traction, often preceding or confirming strong price action.

Source: Santiment

Is a breakout to $0.286 the next major move?

DOGE recently broke above its multi-week consolidation range NEAR $0.203, confirming a double-bottom pattern around $0.144. The neckline has flipped into support, and momentum indicators are pointing upward.

The RSI has climbed to 70.57, placing Doge in overbought territory. This suggests strong bullish momentum, though it also raises the risk of short-term pullbacks.

Additionally, the Parabolic SAR continues to print below the price, reinforcing the upward trend.

If bulls hold control, the next key resistance remains at $0.286—a level that could unlock further gains if breached decisively.

Source: TradingView

Conclusively, DOGE is flashing strong bullish signals across sentiment, derivatives, and technical structure.

While on-chain activity remains subdued, the drop in Stock-to-Flow and rising speculative pressure introduce bullish dynamics.

Sentiment is reinforcing momentum, and the overbought RSI reflects intense buying pressure.

If traders maintain confidence and demand persists, DOGE could rally toward $0.286 and potentially establish a stronger uptrend.