Whales Add 4.72B DOGE as Support Holds and ETF Review Looms
Over the past three weeks, whales have sharply increased Dogecoin (DOGE) holdings from 27.6B to 32.4B tokens. The initial 2B acquisition, worth $480M, fueled a 17% rally to $0.24. Despite a pullback to around $0.176 and narrow trading range, whales added another 4.72B DOGE. Price has repeatedly found support at $0.16–$0.17, while RSI cooled from overbought levels and broke its downtrend, mirroring the June breakout. Historical cycle patterns show DOGE in a rising channel with higher lows. Traders eye a potential 311% climb toward $0.70. Optimism is underpinned by a U.S. spot DOGE ETF, now in a 20-day review with 61% odds of approval in 2025. This whale-driven accumulation, solid support, RSI breakout, and ETF catalyst signal a bullish outlook for DOGE.
Bullish
The extensive accumulation by whales—raising DOGE holdings to 32.4B tokens, or over 18% of circulating supply—combined with repeated support at $0.16–$0.17 and a neutral RSI breaking its downtrend, underscores strong demand. The initiation of spot DOGE ETF review adds a potential influx of institutional capital. Short-term, this may sustain price stability and upside momentum. Long-term, historical rising channel patterns and higher lows set the stage for significant gains, making the market outlook bullish for DOGE.