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In a move that has sparked interest in the crypto community, a whale has placed a huge leveraged bet on Dogecoin (DOGE), indicating increased bullish sentiment around the popular dog coin.
According to Lookonchain, the whale, identified as "0x6adb," opened a 10x leveraged long position on an eye-popping 84.08 million DOGE, valued around $21.24 million at the time of the trade.
Not only does the enormity of the position alone stir attention, but the 10x leverage adds a layer of high-risk, high-reward intensity. Such leveraged bets often signal strong conviction, access to deep liquidity and a sharp eye on short-term market trends.
At the time of writing, DOGE was down 3.4% in the last 24 hours to $0.242 due to recent market profit taking. Dogecoin has been on the rise since July 15, marking four days of increases to reach an intraday high of $0.257 in early Saturday trading.
What happened?
According to on-chain analysis, the whale who made the huge 84.08 million DOGE bet isn’t a newcomer to high-stakes trading. Lookonchain reveals this same address recently closed a previous DOGE long at the top, locking in a $2.14 million profit. That track record makes the most recent move even more notable: This whale knows how to time the market.
After this, the whale was back in action, this time by opening a 10x leveraged long position on 84.08 million DOGE, which was worth around $21.24 million at the time of trade.
The trade is already performing; as of the update last provided by Lookonchain, the position is sitting on an unrealized profit of $1.64 million.
According to a chart provided by Lookonchain, the whale appears to have entered the 84.08 million DOGE bet at $0.233, which is still lower than the current DOGE price of $0.242. While Dogecoin price is currently trading in red, eyes are on the whale's next move.
Vladislav Sopov
U.Today Editorial Team