Dogecoin rally aims $10 with the all time high level breakout. However, the upcoming token unlock worth $42M warns of a rocky road.
Given 3x returns in the last three months, the Dogecoin rally starts in December on a minor pullback note. Between September and November, DOGE price DOGE $0.20 24h volatility: 1.6% Market cap: $30.20 B Vol. 24h: $2.05 B surged from $0.10 to the 52-week high of $0.48078, marking a 374% rise.
Amid the pullback, the whales remain bullish on the biggest meme coin, Dogecoin, which has a market cap of $60B. As the seventh biggest crypto in the market, the Dogecoin price trend dictates the overall meme coin segment.
The Largest Whale Doubles Up on Dogecoin
Recently, in a tweet shared by SpotOnChain, theunipcs.eth, the largest holder of Dogecoin, added more DOGE to his collection. Despite the short-term pullback in the market, being one of the strongest believers in Dogecoin, the whale spent 121 Ethereum tokens ETH $3 981 24h volatility: 0.3% Market cap: $480.56 B Vol. 24h: $36.74 B worth $449,000 to buy DOGE.
In exchange for his Ethereum, the whale got 1.58 million DOGE. This brings his Dogecoin collection to 36.64 million tokens worth $10.55 million.
Currently, the whale holds nearly 3.66% of the maximum supply. Further, theunipcs.eth has an unrealized profit of $9.12 million. Impressively, the whale has made a massive return of 637% in Dogecoin.
Apart from Dogecoin, the whale is extremely fond of meme tokens. It holds 14.657 billion FLOKI tokens FLOKI $0.000081 24h volatility: 20.4% Market cap: $781.60 M Vol. 24h: $488.15 M worth $3.32 million. In Floki, the whale has a profit of $882,000 and a return of 36.3%.
The whale also holds 66.11 billion Simon’s Cat tokens worth $2.76 million. In this, the whale has a profit of $2.03 million with a surge of 278%.
Coming to the Political meme coins of the whale’s holding, the 6.273 billion MAGA tokens [NC] worth $404,000 have marked a profit of $347,000. This marks an impressive return of 608%.
Finally, the whale holds 14.6 million $TOKEN tokens worth $1.04 million. In this token, the whale has the least profit of $50.8k and a minor return of 4.86%.
Based on the other positive, impressive holdings with massive returns, the question arises: Will the $TOKEN token continue to rally in the coming months?
Dogecoin Rally Extension
In a recent analysis shared by Trader Tardigrade over X, the Dogecoin bullish cycle breaking above its all-time high level will result in an explosive bull run. The analysis is based on the previous all-time high breakout of 2018.
Surpassing this mark in 2021, Dogecoin presented a new all-time high with a rounding bottom breakout. Dogecoin is presenting a similar rally, ready to break above its current all-time high.
Based on the historical price movement, a similar price trend will likely mark the next profit-taking zone between $10 and $30.
$42.91M Worth of Dogecoin Supply to Hit the Market
According to the Tokenomist, a large linear unlocking of more than $40 million will come for Dogecoin in the next 7 days. Between the 2nd and 9th of December, 94.47 million tokens, worth $42.91 million, will be unlocked.
Further, it accounts for 0.06% of the circulating supply. Hence, a significantly large supply could likely hit the markets, resulting in an extended pullback as Dogecoin and other meme coins are on icy ground.
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