New wallet opens $2.25M 10x Dogecoin long; whales hold 108.52B

A newly created wallet opened a 10x leveraged long on 20 million Dogecoin on May 16, taking a $2.25 million position with a liquidation price set at $0.10284. Lookonchain data records the trade. The Dogecoin spot price at the time was about $0.1086, leaving under 10% between spot and liquidation.

A 10x leveraged long multiplies gains and losses by ten. For example, a 10% price increase produces a 100% return on the position’s margin. A roughly 9% decline from the spot price would reach the listed liquidation level and close the position.

Santiment data shows large addresses now hold 108.52 billion DOGE, with 149 wallets holding at least 100 million DOGE each. Within a recent 24-hour period there were 739 transfers worth more than $100,000, the highest such activity in six months. Open interest in Dogecoin derivatives rose through early May, with leveraged long positions outnumbering shorts.

Dogecoin traded around $0.10 to $0.12 during April and May after reaching about $0.30 late last year.

When a leveraged position reaches its liquidation price, an exchange or platform closes the trade automatically and the position is sold. The wallet’s position was exposed to gains if Dogecoin rose above its entry price and to losses if the price fell to the liquidation level.

A 10x position on 20 million DOGE represents a concentrated margin exposure by a single address. The trade and the record-level accumulation by large holders are recorded in on-chain and derivatives data cited above.