Giant whales snapped up 310 million Dogecoins in just 24 hours, and Dogecoin prices are about to welcome the next round of increases.
The price of Dogecoin may welcome the next round of increases in this market cycle. Previously, new data showed that whales purchased 350 million Dogecoins in just 24 hours.
Whale accumulation suggests that Dogecoin prices will trend upwards
In a recent post, cryptocurrency expert Ali Martinez highlighted the buy signals on the daily chart of Dogecoin. A trend reversal may occur, laying the groundwork for future increases.
Previously, the expert emphasized that large holders of Dogecoin snapped up about 310 million Dogecoins within 24 hours. The surge in giant whale accumulation coincides with the token nearing the support level between $0.21 and $0.23, which previously led to a significant price rebound.
The daily chart of Dogecoin also shows bullish signals, known as a 'golden cross'. This occurs when the 50-day moving average crosses above the 200-day moving average. On the other hand, the relative strength index (RSI) is currently at 50.6, indicating that there is still potential for price increase before reaching overbought territory.
Exchange data also shows that as Dogecoin is transferred to cold wallets, its reserves are decreasing. Currently, over 72.6 billion Dogecoins are held by billions of token wallets, reaching the highest level since May 2025. Historically, strong upward trends in Dogecoin, such as a 32% increase earlier this month, are often accompanied by similar accumulation patterns.
Notably, CoinGlass data shows that options trading volume has increased by over 350%, with trading volume rising nearly 14% to reach $6.9 billion. A slight increase in open contracts in the futures and options market indicates that traders' confidence in Dogecoin prices continues to strengthen.
Bullish fundamentals push Dogecoin (DOGE) towards the next round of increases
The potential for a DOGE ETF is an important market sentiment driver that goes beyond technical factors and whale activities. The prediction platform Polymarket currently indicates a 75% probability that the DOGE ETF will be approved by December 2025.
Greyscale applied for a spot Dogecoin ETF earlier this year. The SEC subsequently delayed the review, stating that more research is needed. However, Dogecoin has been listed as one of the 18 cryptocurrency assets for which the SEC is updating its 'listing standards' to allow ETF approval. Bloomberg analyst Eric Balchunas stated that this move increases the likelihood of Dogecoin ETF approval, possibly as early as the end of 2025.
Additionally, BitOrigin, listed on NASDAQ, recently announced the acquisition of 40.5 million Dogecoins (approximately $10 million), as part of its ambitious strategy to build a $500 million Dogecoin reserve. The actions of publicly listed companies enhance the investment value of Dogecoin, making it more legitimate and transparent, thereby boosting confidence in Dogecoin's price.
