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.

Source: TradingView

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.

Source: HypurrScan

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.

Source: SoSoValue

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.