Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A few whales seem to be preparing for even more of a decline, and one in particular is making greater bids on the market's downside after a certain point in time. Whale 0x9eec9, a trader who allegedly made over $31.8 million on Hyperliquid, currently has $98 million in active short positions in a number of significant cryptocurrencies, including Dogecoin, Ethereum, XRP, PEPE and Aster.
Uncertainity behind Dogecoin
A $32 million DOGE short is the biggest of these, indicating either a strong belief or inside knowledge of something that is developing behind the scenes. The current DOGE chart presents a picture of uncertainty. The meme coin failed to regain crucial resistance around $0.22-$0.23 after a steep 25% recovery following the flash crash, finally stalling under the 200-day EMA once more. Volatility spiked after the technical rejection, suggesting that traders may be offloading at the peak of the recovery bounce.
DOGE could revert to $0.16, which was a crucial accumulation level prior to the July rally, if it is unable to hold support at $0.19. Another liquidity sweep, as retail traders try to buy the dip, is probably what the whale is betting on.
Dogecoin on-chain position
Whale 0x9263, another significant entity with $13.2 million in profit, has opened $84 million in short positions on Solana and Bitcoin, which heightens the intrigue. Combined, these positions are too well-coordinated to be disregarded, and they represent some of the biggest bearish allocations that are currently visible on the chain.
Smart money is not buying this bounce, regardless of whether this is a high-confidence short on overheated assets or a well-thought-out macro hedge. The massive position of the DOGE whale may serve as a warning sign that the correction’s next phase is still ongoing.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team