A significant Dogecoin whale is placing an audacious $21.24 million leveraged wager mere days after securing a multi-million-dollar profit. This action, disclosed by Lookonchain, has generated excitement among cryptocurrency enthusiasts on the social media site X. This occurs as Dogecoin is beginning to diverge from its decline in Q3 history, showcasing robust performance over the last week.
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Whale Engages in High-Risk Bet on Dogecoin
As per on-chain transaction tracking service Lookonchain, a cryptocurrency whale recognized as address 0x6adb recently exited a previous long position on Dogecoin, netting a respectable $2.14 million profit. According to data from HyperDash, this position was maintained for 63 hours, ultimately closing on July 18. The entry was precisely timed, allowing the position to fully capitalize on Dogecoin’s rise from $0.19 to $0.24 during this timeframe.
Nonetheless, what renders this trade remarkable is not solely the magnitude of the profit but the fact that the whale promptly re-entered the market with even greater assurance. Just hours after exiting, the whale initiated a fresh 10x leveraged long position on 84.08 million DOGE, valued at around $21.24 million at that moment.
Interestingly, the timing of the new long position was again nearly impeccable. As noted by Lookonchain, the position rapidly swayed in the whale’s favor, accumulating an unrealized profit of $1.64 million.
Whale 0x6adb closed his $DOGE long at the peak yesterday, securing a $2.14M profit.
10 hours ago, he re-entered — going 10x long on 84.08M $DOGE($21.24M), with an unrealized profit of $1.64M.
Smart strategies! https://t.co/f3FekXx5yg pic.twitter.com/zc2tYXnLeP
— Lookonchain (@lookonchain) July 19, 2025
Dogecoin Kicks Off Q3 With 53% Surge
Dogecoin’s robust showing in July marks a favorable commencement for its price movement in Q3 2025. Notably, the last occasion Dogecoin concluded Q3 on a positive note was in 2020. Since then, the meme-inspired currency has recorded Q3 declines for six straight years, fluctuating from 6.9% in 2023 to as much as 18% in 2021.
Currently, data from CryptoRank indicates that Dogecoin is now witnessing a 53.6% rise in Q3 2025. As of this writing, Dogecoin is trading at $0.253, representing a 28% increase from $0.197 just a week prior.
According to CoinGlass statistics, Dogecoin’s open interest in the derivatives sector has surpassed the $4 billion threshold, a first since February. This data suggests a significant number of active participants and strong enthusiasm in Dogecoin, presenting a promising outlook for its price trajectory in the upcoming week.
The $0.25 price point now functions as a support area, and Dogecoin might initiate a powerful ascent toward $0.30 and beyond in the forthcoming week if this baseline holds. Conversely, any significant decline below this will swiftly alter sentiment.
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For a trader holding a 10x long position, a mere 10% drop in Dogecoin’s price could push the trade considerably into the red. The whale’s position could face liquidation or severe distress if Dogecoin reverts to earlier support levels around $0.22 or lower.
Image courtesy of Unsplash, chart from TradingView
