A previously known Bitcoin whale, famous for dumping 255 BTC in December, has dramatically shifted strategy by opening a massive leveraged long position on Dogecoin (DOGE). According to data from the Hyperliquid trading platform, the anonymous trader purchased 15,662,887 DOGE using 10x leverage, creating a position with a notional value of $2.14 million.
The whale entered the position at a price of $0.137621 per DOGE. At current trading levels around $0.1374, the position is already sitting on an unrealized loss of approximately $8,331. The liquidation price for this high-risk bet is set at $0.12309, leaving a narrow margin of safety of roughly 12% below the entry point.
This Dogecoin long is part of a broader, aggressive trading strategy. Simultaneously, the same whale opened a 5x leveraged short position on the privacy coin DASH. The rest of the portfolio reveals massive exposure to other major cryptocurrencies, all held as long positions: $232.4 million in Ethereum (ETH), $146.9 million in Bitcoin (BTC) despite the previous sale, and $69.7 million in Solana (SOL).
The whale's total active perpetual positions now stand at $457 million, with an overall portfolio leverage ratio of 11.35x. The portfolio is currently experiencing a floating drawdown of $3.31 million in unrealized losses.
The timing of this bet is considered aggressive. Dogecoin has been struggling to reclaim its December high of $0.15209, experiencing volatility without a clear breakout. With funding rates negative and DOGE facing technical resistance, the whale's conviction suggests an anticipation of a sharp reversal in altcoin market sentiment. The use of extreme leverage indicates this is a high-conviction play, not a cautious test, signaling the whale expects significant price movement soon.
