A significant Dogecoin whale has offloaded 200 million DOGE tokens amid the cryptocurrency's recent price rally, raising concerns about the sustainability of the upward momentum. Concurrently, a notable surge in institutional activity has been observed for the meme coin.

Despite Dogecoin's (DOGE) price recovering and rallying over 7%, a whale has offloaded a substantial portion of their holdings. This transaction, equivalent to approximately $30.86 million, has been executed from an unknown wallet to the popular trading platform Robinhood. The crypto community is closely monitoring this development, as it could potentially halt the recent price rally of Dogecoin.

Data from IntoTheBlock reveals a marked increase in the number of large Dogecoin transactions over the past month. The number of transactions peaked at 1.86K on Wednesday, May 14, 2024, highlighting the heightened involvement of whales and institutional investors. The volume of these large transactions also spiked, reaching 11.55 billion DOGE on the same day, suggesting substantial movements of tokens and likely strategic positioning by whales.

At the time of writing, Dogecoin's price has surged 6.10% to $0.1556, with a market valuation of $22.46 billion. The 24-hour trading volume has also increased by 18.33% to $1.96 billion. Additionally, the Dogecoin futures open interest has climbed 11.83% to $884.94 billion, indicating renewed interest among derivatives traders.

However, the recent whale transaction has raised concerns about the potential selling pressure that could reverse the current upward momentum. The 50-day Exponential Moving Average (EMA), currently around $0.1652, is acting as a resistance level, and a breakout above this level could signal the onset of a bullish market. Conversely, if the increased activity from whales results in substantial selling pressure, Dogecoin might face a bearish scenario, testing the support levels at the 100-day EMA ($0.1434) and the 200-day EMA ($0.1237).