Dogecoin (DOGE) has been making headlines once again as whales have been busy accumulating significant amounts of the meme-inspired cryptocurrency. In just 24 hours, whales managed to scoop up a whopping 1 billion DOGE, valued at around $200 million. This surge in accumulation has propelled DOGE’s price up by over 11.2% in the last day, with the current price hovering around $0.24, as reported by CoinMarketCap.
The increased ownership by large holders, now accounting for nearly 50% of the total supply, is a clear indicator of growing institutional confidence in Dogecoin. Analysts believe that this concentrated buying activity could lead to a reduction in sell-side liquidity, potentially setting the stage for significant price movements in the near future.
Technical charts are also pointing towards a bullish outlook for DOGE, with a potential 18% upside towards the $0.26 zone. Bulls are eyeing a breakout above $0.28, which could open the path for further gains towards $0.35.
One of the most exciting developments for Dogecoin is the formation of a golden cross, a bullish pattern that occurs when the 50-day simple moving average (SMA) crosses above the 200-day SMA. This is the first time such a crossover has occurred since November. Historically, golden crosses in DOGE have preceded major rallies, including a 130% surge in late 2024. Traders are optimistic that this golden cross, combined with whale accumulation and strong technical indicators, could signal the start of another bull run for DOGE.
Momentum indicators further support the bullish case for DOGE, with the cryptocurrency holding above its 30-day SMA and its relative strength index (RSI) at a neutral 57, indicating room for further upward movement.
In addition to market speculation, there is growing anticipation among institutional investors for a potential Dogecoin ETF approval. Polymarket is currently assigning nearly 75% odds for a Dogecoin ETF approval, with Bloomberg ETF analysts Eric Balchunas and James Seyffart raising their approval odds to 90% by the end of 2025. A Dogecoin ETF approval could serve as a significant catalyst for DOGE’s price, expanding its exposure to mainstream investors.
As traders keep a close eye on the $0.242–$0.245 resistance levels, a breakout above this range could potentially propel DOGE towards $0.30. Maintaining support above $0.227 will be crucial to sustaining the current bullish momentum.
With whale accumulation, technical breakouts, regulatory tailwinds, and heightened retail interest, Dogecoin appears to be gearing up for its next “moon mission.” Exciting times lie ahead for DOGE as it continues to capture the attention of the crypto community and beyond.