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Dogecoin pump: DOGE surge prompts dormant whale account to spring to life

By Raphael Sanis

17:18, 2 November 2022

Dogecoin in front of a price chart
Dogecoin has more than doubled in the past week, after Elon Musk’s takeover of Twitter – Photo: Shutterstock

A dormant address that contained 2.3m dogecoin (DOGE) or roughly $330,000, has just been reactivated after almost nine years.

The whale had been steadily adding DOGE to its funds since the meme token launched in 2013, according to BitInfoCharts. However, it then completely emptied its funds on 2 November, after the meme token's recent breakout

BitInfoCharts, a wallet tracker, said the whale made a profit of $326,000. However, it was not clear if these funds were emptied directly onto an exchange.

DOGE investors are now speculating over whether the meme token will start to face sell pressure.

DOGE to USD

Dogecoin’s breakout

Elon Musk’s takeover of Twitter has led to another breakout for dogecoin, and it has regained losses made in the crypto crash earlier this year

ETH/USD

3,429.87 Price
-0.430% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.62 Price
+5.620% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BCH/USD

379.10 Price
-2.220% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

DOGE/USD

0.12 Price
-1.680% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

It reached a high of $0.087 on 28 October, the day the Twitter deal was completed. But DOGE managed to maintain this rally throughout the following week and achieved a high of $0.157 on 1 November.

At the time of writing, on 2 November, DOGE has dipped slightly and was trading at $0.12. However, the meme token was still up 90% over the past week and 115% on the previous month.

However, dogecoin could now be facing some resistance. The top 50 holders, who account for 63% of the total supply, have been reducing their holdings over the past month, according to Lookonchain.

These holders have emptied their holdings by 21  million DOGE, worth approximately $3m, in the past 30 days.

The past week has seen more than $180m of DOGE enter the Binance and Crypto.com exchanges.

Markets in this article

DOGE/USD
DogeCoin / USD
0.1237354 USD
-0.0021027 -1.680%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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