793 mln Dogecoin shift – Is a whale behind DOGE’s 12% spike?

DOGE flipped a key resistance after a 12% surge, with $0.286 now acting as the next major upside target. Whale inflows and rising sentiment scores signal renewed bullish interest, though on-chain activity remains only mildly improved. A significant transfer of 793 million Dogecoin [DOGE] (worth over $153 million) between unknown wallets has sparked renewed interest in the memecoin. At the same time, sentiment indicators have turned notably bullish. Market Prophit showed both crowd and smart money sentiment scoring above 1.3, signaling strong confidence across retail and institutional segments. This positive shift coincided with a surge in trading activity. At the time of writing, Dogecoin trading at $0.2062, reflecting a 12.16% gain in the past 24 hours. 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. Source: https://ambcrypto.com/793-mln-dogecoin-shift-is-a-whale-behind-doges-12-spike/