Dogecoin is on a strong growth trajectory after 'whales' accumulated 1 billion DOGE, worth about $200 million, in just 24 hours. This massive accumulation has helped DOGE rise over 11.2% in the past day, with the price currently hovering around $0.24, according to CoinMarketCap.

Currently, the ownership rate of large investors accounts for nearly 50% of the total supply, a sign of increasing confidence among institutions. Analysts note that this concentrated buying could reduce selling liquidity, potentially paving the way for larger fluctuations in the future.

Technical charts indicate an 18% increase towards the $0.26 range, with buyers targeting a breakout above $0.28 that could pave the way to $0.35.

Golden Cross Signals Potential Significant Price Increase

Adding to the excitement, Dogecoin has formed a golden cross for the first time since November, a bullish pattern that occurs when the 50-day simple moving average (SMA) crosses above the 200-day SMA.

Historically, such crossovers in DOGE often occur before strong price surges, including a 130% increase by the end of 2024.

Although the golden cross is not perfect, traders remain optimistic that the combination of whale accumulation and strong technical factors could mark the beginning of another bullish phase.

Momentum indicators support the bullish trend, with DOGE holding above the 30-day SMA and a neutral relative strength index (RSI) of 57, paving the way for further upward momentum.

Hope for Dogecoin ETF and Momentum from Regulations

Aside from market speculation, institutional investors are betting nearly 75% on the possibility that Polymarket will approve a Dogecoin ETF.

Bloomberg ETF analysts Eric Balchunas and James Seyffart have even raised the approval odds for spot DOGE ETFs to 90% by the end of 2025, citing a more crypto-friendly regulatory environment.

This approval could be a crucial catalyst for DOGE's price, expanding its reach to mainstream investors. Combined with whale buying activity, technical breakouts, and growing retail investor interest, this could set the stage for DOGE's next 'moon mission.'

Currently, traders are closely watching the resistance level of $0.242–$0.245. A strong breakout could drive the momentum up to $0.30, while staying above the support level of $0.227 will maintain the bullish trend.