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Dogecoin (DOGE) whales have continued to shape the meme coin ecosystem, with massive movements that are helping to shape the broader market trend. According to data insights from crypto analytics platform Whale Alert, about 550,000,000 DOGE were moved within 20 minutes. While not precisely connected, the trend shows how invested whales are in the meme coin.

Dogecoin reset underway

In earlier trading hours, the price of DOGE slipped drastically in what many might tag a healthy correction. This was expected after an explosive week in which it rallied by over 115%. Despite the scary slip, the broader ecosystem remained resilient, with top analysts like Peter Brandt maintaining optimism about future trends based on historical data.

To revamp the whole narrative, Whale Alert shared an insight into 200 million DOGE worth approximately $77.4 million moved between two anonymous wallets in one go. The analytics platform also spotlighted two other heavy transactions featuring 150 million DOGE (approximately $58 million) and 200 million DOGE.

Like others before them, these whale actions have helped solidify the Dogecoin price outlook. At the time of writing, the price of DOGE is running back to the previous multi-year high. The coin changed hands for $0.4138, up 6.93% in the past 24 hours. In a single day, the meme coin has pared off its losses and turned the $0.40 level into a key support level to watch.

Where is DOGE heading?

Numerous speculations exist about what's next for Dogecoin at the moment. However, its correlation with Bitcoin might further help liberate it overall. 

With Bitcoin trading at a new all-time high above $91,500, DOGE's price may also break the $0.50 mark in the near term. Sustained positive metrics, including Open Interest, trading volume and whale activities, will all help in lifting the coin to its all-time high of $0.7375.