Dogecoin (DOGE) Eyes Potential Surge Amid Whale Accumulation
Dogecoin Poised for Potential Price Increase
Crypto analyst Ali Martinez suggests Dogecoin (DOGE) might be preparing for its next upward movement. This forecast follows data indicating substantial whale activity, with 310 million DOGE purchased in just 24 hours.
Whale Accumulation and Market Signals
Martinez pointed out a buy signal on Dogecoin's daily chart, suggesting a possible trend reversal. In a post on X, he noted that significant Dogecoin holders had acquired approximately 310 million DOGE within a day as the price approached a support level between $0.21 and $0.23, a zone known for triggering rebounds.
Technical analysis further reveals a bullish Golden Cross pattern on Dogecoin's daily chart, where the 50-day moving average surpasses the 200-day moving average. The Relative Strength Index (RSI) stands at 50.6, signaling room for further price gains before it hits overbought conditions.
Data indicates shrinking Dogecoin reserves on exchanges, with coins being moved to cold storage. Over 72.6 billion DOGE are held in wallets containing a billion tokens or more, marking the highest level since May 2025. Historically, such accumulation patterns have preceded substantial rallies, like the 32% surge seen earlier in the month.
CoinGlass data shows a 350% increase in options volume and a nearly 14% rise in trading volume to $6.9 billion. A slight uptick in open interest in futures and options markets reflects growing trader confidence.
Factors Driving Optimism
The possibility of a Dogecoin ETF is fueling market sentiment. Polymarket estimates a 75% chance of a DOGE ETF approval by December 2025.
Grayscale's application for a spot DOGE ETF is under review by the SEC, which has listed Dogecoin among assets eligible for ETF approval. Bloomberg analyst Eric Balchunas suggests approval could come as early as late 2025.
Additionally, Nasdaq-listed BitOrigin recently invested in 40.5 million DOGE (approximately $10 million) as part of a plan to build a $500 million DOGE treasury, lending further legitimacy to Dogecoin's investment prospects.
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