A large Dogecoin 'whale' is betting $21.24 million just days after cashing out millions. This move, revealed by Lookonchain, has attracted the attention of cryptocurrency investors on the social media platform X. This comes as Dogecoin is starting to recover from the downward trend in Q3 with strong performance over the past seven days.

Whales are betting big on Dogecoin

According to Lookonchain, the on-chain transaction monitoring unit, a cryptocurrency 'whale' identified as address 0x6adb recently closed a previous long position in Dogecoin with a profit of $2.14 million. According to data from HyperDash, this position was opened for 63 hours and ultimately closed on July 18. The entry was very precise, and this position maximized the price surge of Dogecoin from $0.19 to $0.24 during this period.

However, what is noteworthy is not just the massive profit but also that the 'whale' immediately returned to the market with more confidence than ever. A few hours after closing the position, the 'whale' opened a new long position with 10x leverage on 84.08 million DOGE, worth about $21.24 million at that time.

Interestingly, the new long position was calculated at almost the perfect timing. As Lookonchain noted, the position quickly turned in favor of the 'whale', yielding an unrealized profit of $1.64 million.

Dogecoin enters Q3 with a growth of 53%

The strong performance of Dogecoin in July marked a positive start for the price movements of this currency in Q3 2025. Interestingly, the last time Dogecoin ended Q3 with a positive closing was in 2020. Since then, the memecoin has recorded losses in Q3 for six consecutive years, 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. At the time of writing, Dogecoin is trading at $0.253, marking a 28% increase from the $0.197 a week ago.

According to CoinGlass data, the open trading volume of Dogecoin in the derivatives market has exceeded $4 billion 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 movements of this currency in the coming week.

The price level of $0.25 is now a support zone, and Dogecoin could make a strong move up to $0.30 and beyond in the coming week if this threshold holds. However, any significant drop below this level would quickly reverse market sentiment.

For a trader with a 10x long position, even a 10% drop in the price of Dogecoin would push the trade into the negative zone. The 'whale' position could be liquidated or severely affected if Dogecoin returns to the previous support level of around $0.22 or lower.