Dogecoin (DOGE) is making headlines again as large holders, or ‘whales,’ snap up 310 million tokens in just 24 hours. This massive accumulation comes amid growing speculation that a Dogecoin ETF could soon be approved, with market analysts estimating a 75% chance. Could this be the start of a major price rally?
Dogecoin Whales Make a Big Move
On-chain data reveals that wallets holding between 100 million and over 1 billion DOGE have aggressively bought the dip, accumulating $73 million worth of tokens. Analysts like Ali Martinez and Javon Marks note this behavior often precedes bullish cycles, suggesting a potential market turnaround.
ETF Approval Hype Fuels Optimism
The possibility of a Dogecoin ETF has surged to a 75% approval probability, according to Polymarket. This mirrors the market reaction seen during Bitcoin and Ethereum ETF announcements, creating a wave of buying momentum.
Technical Indicators Signal a Price Rally
- Golden Cross: The 50-day moving average has crossed above the 200-day average, a classic bullish signal.
- RSI Neutral: At 51.89, DOGE isn’t overbought, leaving room for growth.
- Historical Patterns: Similar wedge formations in the past led to a 260% rally in Q4 2024.
What’s Next for Dogecoin?
With whale activity rising and technical indicators flashing green, DOGE could be gearing up for a significant breakout. Traders are closely watching the $0.22 support level, which has held strong during recent dips.
Conclusion
The combination of whale accumulation, ETF speculation, and bullish technicals paints an optimistic picture for Dogecoin. While the market remains volatile, these factors suggest DOGE could be on the verge of another major rally.
Frequently Asked Questions (FAQs)
Why are Dogecoin whales buying now?
Whales are likely accumulating DOGE due to the high probability of an ETF approval and historical price patterns indicating a potential rally.
What is a Golden Cross in trading?
A Golden Cross occurs when a short-term moving average (like the 50-day) crosses above a long-term moving average (like the 200-day), signaling a bullish trend.
How does ETF approval affect Dogecoin?
ETF approval typically increases institutional interest and liquidity, often leading to price appreciation, as seen with Bitcoin and Ethereum.
What is the current support level for DOGE?
DOGE has stabilized around $0.22, which now acts as a key support level. Holding this level is crucial for further upside.
