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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Dogecoin Whale Bets $21 Million After $2.14M Profit – What’s Going On?

Scott Matherson
Scott Matherson
2 months ago
3 mins read
Dogecoin

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A major Dogecoin whale is making a bold $21.24 million leveraged bet just days after locking in a multi-million-dollar profit. The move, which was revealed by Lookonchain, sparked interest among crypto investors on the social media platform X. This comes as Dogecoin is starting to deviate from its bearish Q3 history with a strong performance in the past seven days.

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Whale Makes High-Stakes On Dogecoin

According to on-chain transaction monitor Lookonchain, a crypto whale identified as address 0x6adb recently closed a previous long position on Dogecoin with a tidy $2.14 million profit. According to data from HyperDash, this position was open for 63 hours and was eventually closed on July 18. The entry was spot on, and the position was able to take full advantage of Dogecoin’s push from $0.19 to $0.24 within this time period.

However, what makes this trade notable isn’t just the size of the gain but the fact that the whale immediately re-entered the market with even more confidence. A few hours after exiting, the whale opened a new 10x leveraged long position on 84.08 million DOGE, which was worth approximately $21.24 million at the time. 

DOGEUSD currently trading at $0.25. Chart: TradingView

Interestingly, the new long position was timed nearly perfectly again. As noted by Lookonchain, the position quickly moved in the whale’s favor, racking up an unrealized profit of $1.64 million.

Whale 0x6adb closed his $DOGE long at the top yesterday, locking in a $2.14M profit.

10 hours ago, he jumped back in — going 10x long on 84.08M $DOGE($21.24M), with an unrealized profit of $1.64M.

Smart moves! https://t.co/f3FekXx5yg pic.twitter.com/zc2tYXnLeP

— Lookonchain (@lookonchain) July 19, 2025

Dogecoin Enters Q3 With 53% Gain

Dogecoin’s strong performance in July has marked a positive start for its price action in Q3 2025. Interestingly, the last time Dogecoin ended Q3 with a positive close was in 2020. Since then, the memecoin has posted Q3 losses for six consecutive years, ranging from 6.9% in 2023 to as high as 18% in 2021. 

However, as it stands, data from CryptoRank shows that Dogecoin is now experiencing a 53.6% increase in Q3 2025. At the time of writing, Dogecoin is trading at $0.253, marking a 28% increase from $0.197 just a week ago. 

According to CoinGlass data, Dogecoin’s open interest on the derivatives market has crossed over the $4 billion mark for the first time since February. This data shows that there are a large number of active participants and strong interest in Dogecoin, which is a positive outlook for its price action in the new week.

The $0.25 price level is now a support zone and Dogecoin could embark on a strong move to $0.30 and beyond in the new week if this floor holds. However, any decisive drop below it will flip sentiment fast. 

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For a trader with a 10x long position, even a 10% dip in Dogecoin’s price will push the trade deep into negative territory. The whale’s position could be liquidated or severely impacted if Dogecoin retraces to earlier support levels around $0.22 or lower.

Featured image from Unsplash, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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The highest standards in reporting and publishing
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