- Whales move billions in Dogecoin, signaling potential price breakout soon.
- New Dogecoin ETF attracts millions, boosting investor confidence and demand.
- Dogecoin’s key support zone holds strong, eyeing a major rebound.
Dogecoin has seen a sharp surge in activity as large whales make significant moves, coinciding with the growing success of the newly launched Dogecoin ETF.
According to Ali, in the last 48 hours, wallets holding between 100 million and 1 billion DOGE tokens saw a massive increase in holdings, with over two billion DOGE, worth approximately $480 million, being transferred to these addresses.
This shift comes right after Dogecoin’s price dip from its mid-September highs above $0.30, currently hovering around the $0.23-$0.24 mark, a key support zone.
This price level aligns with the lower boundary of the rising channel, a level where Dogecoin has bounced several times throughout the summer. Whales loading up on DOGE at this price suggests that their moves are strategic, indicating they believe the asset is poised for a rebound.
For traders, this price zone is crucial, and if it holds, the path could be clear for a major breakout.
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Dogecoin ETF’s Strong Start Fuels Investor Confidence
Adding fuel to the fire is the rapid success of the Dogecoin-focused ETF, REX-Osprey, which has already attracted nearly $8 million in just its first four days of trading.
On Monday, when the broader market was seeing declines, the ETF saw an impressive $4.3 million in inflows, followed by $600,000 on Tuesday. These inflows are significant for a new meme coin-focused investment product and show growing investor interest in Dogecoin.
The strong ETF performance supports Dogecoin’s price, as more institutional and retail investors gain exposure to the asset. As the ETF continues to gain traction, it’s expected to drive further demand for DOGE, contributing to its price stability and growth potential.
Positive Technicals Indicate a Bullish Outlook for Dogecoin
Futures data also shows a cooling of liquidation pressure, meaning fewer forced sellers are impacting the market. Dogecoin remains above key moving averages, including the 50-day and 100-day averages, reinforcing its bullish market structure. With these positive technical indicators, the stage is set for further upside potential.
As the price hovers near the crucial support zone, the next target for Dogecoin is its September high of $0.3076. If the cryptocurrency manages to break this level, it could signal the start of a breakout, shifting from a defensive bounce to a more aggressive upward trend. With rising ETF demand and bullish technicals, Dogecoin’s prospects appear promising in the coming days.
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