The data shows that, between July 13 and 14, the price of Dogecoin rose by 5%, from $0.205 to $0.2094. This is due to its volume cycles, which recorded a 78% increase.
Additionally, data from CoinGlass also showed that futures volume exceeded $1.48 billion, reaching its highest level this month. This also highlights a significant whale movement, which drives price action.
The price of Dogecoin surpassed a key level of $0.205 and remained there, even after experiencing some pullbacks. Buyers maintained their interest, pushing the price even further to a final spike that exceeded $0.2094.
The price spike of Dogecoin coincided with bullish movements in the cryptocurrency market. Bitcoin reached a new high of over $121,000, boosting the entire altcoin sector and raising its total market value to $2.4 trillion.
At the same time, the altcoin market (reflected by the "Total 2" index) indicates that a complete bullish phase could be just around the corner. Analysts argue that the right combination of macroeconomic optimism, whale accumulation, and technical strength for altcoins, including Dogecoin, is brewing.
It is worth noting that cryptocurrency analyst Kaleo recently shared that he has heard rumors suggesting that a Dogecoin ETF could be closer to approval than many believe. Polymarket currently estimates that the probability of a DOGE ETF being approved by the end of 2025 is 75%. Kaleo remains optimistic and points out that this figure could quickly rise to 100%.
