Dogecoin surges 10% after 72-day range breakout: ETF inflows turn positive

The memecoin season is gradually returning, following hints from last week’s performance of this sector.

In that context, the leading memecoin by market cap, Dogecoin [DOGE], broke out after more than two months of consolidation. As a result, DOGE surged by over 10%.

However, a whale who went long on Dogecoin earlier on faced a massive loss that has greatly been reduced.

Breakout pushes DOGE 10% higher

On the charts, Dogecoin broke from a triangle pattern where it had consolidated for about 72 days. The daily candle surged massively, hitting the $0.11 price mark, almost equalling February’s high.

The memecoin has been bouncing off the support level at $0.08708, with most of the accumulation taking place below $0.10.

This breakout indicates the market structure could be shifting. Hence, it aligned with signals of a comeback of the memecoin season, as analyzed earlier by AMBCrypto.

In case this breakout is sustained, the next target is set at $0.1300. Still, there was resistance around $0.12, which could force a correction down to around $0.10, where the trendline resistance passed through.

Therefore, what were the implications of this breakout, and what could have had a hand in it?

Whale’s position sees a reduction in losses

According to HypurrScan, a whale took a 10x long position of 40 million DOGE at an average price of $0.1077, which was valued at $4.40 million. The liquidation price was set at $0.01288.

The whale placed this order when DOGE was starting to surge upwards and entered a massive loss of $13 million. However, the loss has been reduced massively to about $89K after the breakout.

The implication of the breakout was a reduction in losses of the whale.

Dogecoin ETFs see net inflows

The breakout was preceded by a shift in Dogecoin ETF inflows that turned positive. The ETFs recorded daily net inflows of $460K, the first positive inflows in the last two weeks.

Among the DOGE ETFs, only Grayscale’s GDOG saw activity suggesting it was responsible for the capital. The other two DOGD ETFs from 21Shares and Bitwise saw no activity.

Altogether, these inflows, alongside price breakouts, suggested that DOGE was potentially confirming a looming memecoin season.

Final Summary

• Dogecoin price broke out after a 72-day consolidation, surging more than 10%. 
• DOGE ETFs saw positive inflows after two weeks of inactivity as a whale reduced losses to $89K.