Dogecoin (DOGE) is riding a fresh wave of bullish momentum after whales scooped up 1 billion DOGE, worth roughly $200 million, in just 24 hours. The massive accumulation has helped push DOGE over 11.2% higher in the past day, with prices currently hovering around $0.24, according to CoinMarketCap.
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Large-holder ownership now sits near 50% of the total supply, a sign of growing institutional confidence. Analysts note that this kind of concentrated buying can reduce sell-side liquidity, potentially paving the way for bigger moves ahead.
Technical charts suggest an 18% upside toward the $0.26 zone, with bulls eyeing a breakout above $0.28 that could open the path to $0.35.
Golden Cross Signals Possible Major Rally
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) moves above the 200-day SMA.
Historically, such crossovers in DOGE have preceded sharp rallies, including a 130% surge in late 2024.
While the golden cross isn’t foolproof, traders are optimistic that the combination of whale accumulation and strong technicals could mark the start of another bull run.
Momentum indicators back the bullish case, with DOGE holding above its 30-day SMA and its relative strength index (RSI) sitting at a neutral 57, leaving room for further gains.
DOGE's price records positive momentum on the daily chart. Source: DOGEUSD on Tradingview
Dogecoin ETF Hopes and Regulatory Tailwinds
Beyond market speculation, institutional investors are assigning nearly 75% odds on Polymarket for a potential Dogecoin ETF approval.
Bloomberg ETF analysts Eric Balchunas and James Seyffart have even raised their approval odds for spot DOGE ETFs to 90% by the end of 2025, citing a more crypto-friendly regulatory environment.
Such an approval could be a major catalyst for DOGE’s price, broadening its exposure to mainstream investors. Combined with whale buying, technical breakouts, and heightened retail interest, this could set the stage for DOGE’s next “moon mission.”
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For now, traders are watching the $0.242–$0.245 resistance closely. A decisive breakout could fuel a run toward $0.30, while holding above $0.227 support would keep the bullish narrative alive.
Cover image from ChatGPT, DOGEUSD chart from Tradingview