An anonymous crypto whale, previously noted for a substantial Bitcoin dump, has made a highly aggressive move, opening a significant long position on Dogecoin. This high-stakes play indicates a strong conviction in the meme coin's future, despite current market volatility and a challenging price environment for DOGE.
The Whale's Bold Dogecoin Play
The whale has invested in over 15.6 million DOGE, utilizing 10x leverage for a notional value exceeding $2.14 million. This substantial bet on Dogecoin comes at an aggressive time, as the meme coin has been struggling to regain its December highs and is experiencing negative funding. The entry price for this long position was $0.137621, with a critical liquidation price set at $0.12309, allowing for a very narrow margin of error given the high leverage.
A High-Stakes Portfolio Strategy
This Dogecoin long is not an isolated incident but part of a larger, highly leveraged portfolio. Alongside the DOGE position, the whale simultaneously opened a 5x short on privacy coin DASH. Their existing holdings primarily consist of massive long exposures in Ethereum, Bitcoin, and Solana, cumulatively valued at $457 million in active perpetuals. The overall portfolio leverage ratio stands at an elevated 11.35x, suggesting a calculated risk in anticipation of a potential altcoin market reversal. The conviction behind such a highly leveraged bet on Dogecoin underscores the whale's expectation of significant price movement soon.
