Today, May 21, Dogecoin whales have created a buzz in the crypto market by moving nearly 600 million DOGE between unknown wallets. As a result, Dogecoin’s price has rallied by 13%, reaching $0.17.

Dogecoin’s Bullish Momentum
Amid the broader crypto market’s price recovery, Dogecoin, the leader of the meme coin sector by market cap, has drawn significant investor interest. Its price has surged by almost 13% at the time of writing, hitting the $0.17 mark and showcasing a bullish trend despite recent market corrections.
Massive Whale Activity
In the midst of this price surge, a whale moved an enormous amount of DOGE to another unknown address, capturing the attention of the global crypto community. On-chain analytics platform Whale Alert reported transactions totaling 600 million DOGE, valued at around $100 million, between two unknown wallet addresses.
One wallet address, DEgDVFa2Do…FhMzs1pMke, transferred 600 million DOGE to the address DDuXGMFNGp…MBruc1wwKF in two transactions of 300 million coins each. The wallet DEgDVFa2Do…FhMzs1pMke holds 31.28 billion DOGE, valued at $5.34 billion, while the wallet DDuXGMFNGp…MBruc1wwKF holds 2.23 billion DOGE, worth $382.62 million. These substantial holdings add intrigue to the motives behind the transactions.
Dogecoin Price Rally
As of now, Dogecoin’s price has increased by 13.08% in the past 24 hours, trading at $0.171. The token’s 24-hour low and high were $0.1507 and $0.1725, respectively.

Data from Coinglass indicates heightened investor interest in DOGE. The derivatives data shows a 27.05% increase in open interest (OI) to $1.05 billion, alongside a 212.27% rise in trading volume to $3.73 billion. The Relative Strength Index (RSI) is at 60, suggesting further potential for price growth before entering overbought territory.
Analyst Insights
Renowned crypto market analyst Ali Martinez expressed his bullish outlook on Dogecoin today. According to Martinez, Dogecoin has broken out of a descending triangle pattern and is gearing up for a bull run, echoing historical trends. This analysis has further fueled optimism for DOGE’s future price movements.
Dogecoin continues to defy market expectations, with today’s whale activity and price surge highlighting its dynamic presence in the crypto space