Dogecoin Whale Bets $21 Million After Making $2.14 Million Profit – What's Happening?

A large Dogecoin "whale" is making a leveraged bet of $21.24 million just days after taking a profit of millions of dollars. This move, revealed by Lookonchain, has drawn attention from cryptocurrency investors on the social media platform X. This comes as Dogecoin is beginning to break away from the bearish trend in Q3 with strong performance over the past seven days. Whales make big bets on Dogecoin According to Lookonchain, the on-chain transaction monitoring unit, a cryptocurrency "whale" identified as the address 0x6adb recently closed a Dogecoin long position with a profit of $2.14 million. According to data from HyperDash, this position was opened for 63 hours and eventually closed on July 18. The entry was very precise, and this position maximized the bullish momentum of Dogecoin from $0.19 to $0.24 during this period. However, what is noteworthy is not only the enormous profits but also the fact that the "whales" immediately returned to the market with more confidence than ever. A few hours after closing the position, the "whales" opened a new long position with 10x leverage on 84.08 million DOGE, worth about 21.24 million dollars at that time. Interestingly, the new buy position was calculated at almost the perfect timing. As Lookonchain has noted, the position quickly shifted in favor of the "whales", bringing an unrealized profit of $1.64 million. Dogecoin entered Q3 with a growth of 53% The strong performance of Dogecoin in July marked a positive start for the price movement of this coin in the third quarter of 2025. Interestingly, the last time Dogecoin ended the third quarter with a positive closing was in 2020. Since then, the memecoin has recorded losses in the third quarter for six consecutive years, ranging from 6.9% in 2023 to a high of 18% in 2021. However, according to data from CryptoRank, Dogecoin is currently up 53.6% in Q3 2025. As of the time of writing, Dogecoin is trading at $0.253, marking a 28% increase from the $0.197 of a week ago. According to data from CoinGlass, the open trading volume of Dogecoin in the derivatives market has exceeded 4 billion dollars for the first time since February. This data indicates a large number of active participants and strong interest in Dogecoin, which is a positive outlook for the price movement of this coin in the new week. The price level of $0.25 is currently a support zone, and Dogecoin may see a strong move up to $0.30 and beyond in the coming week if this level holds. However, any sharp decline below this level will quickly reverse market sentiment. For a trader with a 10x long position, even a 10% fall in the price of Dogecoin will push the trade into negative territory. The position of a "whale" could be liquidated or severely impacted if Dogecoin returns to the previous support level of around $0.22 or lower.