The odds of the SEC approving a spot Dogecoin ETF have increased. According to data from Polymarket, they rebounded from 51% on Thursday to 71%, reflecting renewed confidence that the U.S. regulator could finally greenlight these products.
The reason behind this could be a shift in the U.S. cryptocurrency market. President Trump allowed the adoption of cryptocurrencies in 401(k) retirement plans. Because of this, whales are getting into action. These large addresses tend to take advantage of a bullish situation in the price of Dogecoin. They are now opening new positions, anticipating that another bullish trend will occur.
In just 24 hours, whales opened long positions in Dogecoin worth over $12 million. This shows that they are willing to hold their positions even when Dogecoin is testing the resistance it has already surpassed.
The price of Dogecoin may be testing resistance again after several weeks, and the whales are not giving up. With analysts' optimism and the increasing likelihood that a spot Dogecoin ETF will come to fruition, further gains are likely.