A significant Dogecoin investor has placed a daring $21.24 million leveraged wager shortly after securing a multi-million-dollar profit. This bold move, disclosed by Lookonchain, has caught the attention of cryptocurrency enthusiasts on the social media platform X. Dogecoin appears to be breaking away from its traditionally weak Q3 trends, showcasing impressive performance over the past week.
Investor Takes Major Risk on Dogecoin
Lookonchain, an on-chain transaction tracker, reports that a cryptocurrency investor with the address 0x6adb recently closed a prior long position in Dogecoin, netting a neat $2.14 million profit. HyperDash data indicates that this position was held for 63 hours and concluded on July 18, capitalizing on Dogecoin’s price surge from $0.19 to $0.24 during that period.
What draws attention to this trade is not only the profit margin but also the investor’s immediate re-entry into the market with increased confidence. Mere hours after closing the previous position, the investor initiated a new 10x leveraged long position on 84.08 million DOGE, valued at roughly $21.24 million at the time.
Remarkably, the timing of the new long position was nearly flawless once again. As Lookonchain noted, the position swiftly favored the investor, accruing an unrealized profit of $1.64 million.
Investor 0x6adb exited his $DOGE long position at the peak yesterday, securing a $2.14M profit.
10 hours ago, he re-entered — opting for a 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 Begins Q3 with a 53% Rise
Dogecoin’s robust performance in July indicates a promising start to its price movement in Q3 2025. Notably, the last positive Q3 close for Dogecoin was in 2020. Since then, the memecoin has experienced Q3 downturns for six straight years, with losses ranging from 6.9% in 2023 to as much as 18% in 2021.
Currently, CryptoRank data reveals that Dogecoin is witnessing a 53.6% gain in Q3 2025. As of now, Dogecoin is trading at $0.253, reflecting a 28% rise from $0.197 just a week earlier.
CoinGlass data shows that Dogecoin’s open interest in the derivatives market has surpassed $4 billion for the first time since February. This data suggests a high level of active participation and interest in Dogecoin, presenting an optimistic outlook for its price movements in the coming week.
The $0.25 price point now acts as a support level, and Dogecoin could potentially advance to $0.30 and beyond in the upcoming week if this support holds. However, any significant drop below this level could quickly change sentiment.
For a trader with a 10x long position, even a 10% decline in Dogecoin’s price could push the trade into negative territory. The investor’s position may face liquidation or significant impact if Dogecoin retraces to earlier support levels around $0.22 or lower.
Image courtesy of Unsplash, chart from TradingView
