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Popular blockchain sleuth Whale Alert, which monitors large cryptocurrency transfers and shares their details on X, has spotted several large Dogecoin transactions over the past 20 hours, which cumulatively added up to slightly more than half a billion DOGE.

In the meantime, an analyst says that the original meme-themed cryptocurrency has formed a bullish pattern on the chart.

Half billion DOGE on move

The aforesaid blockchain data source shows that over the past 20 hours, there have been three massive Dogecoin batches. The largest one carried 239,781,696 DOGE, while the smaller ones moved almost identical amounts of 142,282,194 and 142,782,193 DOGE. Cumulatively, 525 million Dogecoin have been transferred, which is the equivalent to $190.5 million in fiat.

The transfer, which constituted 142,282,194 DOGE, was shoveled to the largest cryptocurrency exchange based in the U.S. – Coinbase. The other two transfers were exchanged between anonymous blockchain addresses.

Dogecoin may soar to $0.56, per analyst

Cryptocurrency analyst Ali Martinez has published a tweet in which he shared that the largest meme-themed crypto Dogecoin has formed a Bull Flag pattern on shorter time frames. Should DOGE maintain the $0.35 support level, this pattern shows that the iconic meme coin may print a 45% surge, and it is targeting the $0.56 price mark.

Between Saturday and Tuesday, Dogecoin demonstrated a staggering 113.15% increase, reaching $0.43551. The rise was likely fueled by the recent change in the U.S. government on Nov. 5, which also resulted in the world’s biggest fan, Elon Musk, getting appointed to head D.O.G.E. - the Department of Government Efficiency, which will aim to greatly reduce the government spending.

By now, however, Dogecoin has pulled back by nearly 12%, changing hands at $0.38194.

Elon Musk's latest D.O.G.E. development

Elon Musk has by now been officially appointed as the head of D.O.G.E., together with another U.S. entrepreneur, Vivek Ganapathy Ramaswamy. The Dogecoin community responded with a bullish and enthusiastic reaction to Elon Musk’s tweet, as reported previously by U.Today.

Dogecoin cofounder Billy Markus published a tweet, in which he shared his enthusiasm about the forming of D.O.G.E. and the fact that Musk is going to spearhead it, saying that “we have the right person to do it.” Unless the U.S. national debt is reduced quickly and soon, “our whole empire will collapse.”