Dogecoin Whales Boost Market Speculation with $500M Accumulation

Whale Activity Sparks Price Rally Predictions

Over the last seven days, Dogecoin (DOGE) has seen a surge in whale activity, with large investors accumulating approximately $500 million worth of the meme-based cryptocurrency. These significant purchases have led to renewed speculation about a potential price rally, as the total holdings of these whales now amount to 27.6 billion DOGE, representing around 18.3% of the circulating supply. This sudden accumulation has raised questions about potential insider knowledge driving these actions and hinting at a forthcoming market development [1].

Analysts Optimistic About DOGE's Short-Term Outlook

The price of DOGE has already experienced a 17% increase in the past week, reaching $0.24. Analysts such as Altcoin Sherpa and KALEO are optimistic about the coin's short-term prospects. Altcoin Sherpa mentioned that the current market conditions are favorable for DOGE to make a significant move, especially with Bitcoin (BTC) hitting new all-time highs, including a recent milestone above $124,000. This has led to speculation that DOGE might follow a similar trajectory in the near future. KALEO has further fueled bullish sentiment by drawing parallels between the current DOGE/BTC chart setup and patterns seen at the start of 2021, potentially indicating a major move on the horizon.

RSI and ETF Approval Odds Fuel Market Optimism

Dogecoin's Relative Strength Index (RSI) has stabilized at 54, suggesting that the coin is no longer in a dangerous overbought territory and could be poised for further gains. Additionally, there is growing speculation about the potential approval of a spot DOGE exchange-traded fund (ETF) in the United States. While the odds of approval by the end of 2025 currently stand at 61%, down from 79% in mid-August, many believe that regulatory authorization could significantly increase demand and liquidity for DOGE, driving its price higher [1-3]. Despite the positive indicators and bullish forecasts, market analysts emphasize the need for caution and vigilance in monitoring on-chain activity for sustained momentum. While the outlook appears promising, the actual performance of DOGE will depend on tangible catalysts and broader market conditions.