Dogecoin Surges 7.9% in Week, Whales Accumulate as Institutional Interest Rises

Dogecoin (DOGE) has recently shown signs of renewed strength, positioning itself for a potential move toward its monthly high of $0.2043. This surge comes after weeks of subdued activity and is driven by a combination of bullish technical indicators, whale accumulation, and increasing interest from institutional investors.

DOGE's recent performance is marked by a strong rebound from the $0.163 level earlier this month. Currently trading around $0.174, the cryptocurrency has gained over 7.9% in the last seven days, outperforming both Bitcoin and Ethereum in the same period. This rebound confirms a bullish support zone, as DOGE bounced off the critical support level at $0.166 after multiple failed attempts by bears to push the price lower.

On July 6, during the most aggressive trading hour, DOGE jumped from $0.166 to $0.173, backed by significant trading volume. Since then, the price has consolidated between $0.170 and $0.173, repeatedly testing the $0.173 resistance level. This indicates strong demand pressure just below a key breakout zone. Institutional demand is on the rise, and wallet data shows a steady increase in whale holdings since June 28, suggesting that market participants are accumulating DOGE in anticipation of a larger move.

Technically, the setup has shifted from neutral to bullish. Momentum indicators like the Relative Strength Index (RSI) have climbed above the neutral 50 mark and continue to trend higher. The Moving Average Convergence Divergence (MACD) also supports bullish continuation, having printed a crossover with the MACD line overtaking the signal line in early July. Traders are now eyeing the $0.176 to $0.180 zone, which represents immediate resistance and a potential launchpad toward the neckline target of $0.2596, previously outlined from a double bottom pattern that formed around $0.1467.

On-chain data continues to affirm the bullish outlook. Wallets holding between 1 million and 100 million DOGE have increased their supply share by 0.34% in the last 30 days, signaling confidence among long-term holders. Conversely, smaller investors have reduced their positions by 2.59%, often a sign that weaker hands are exiting while more experienced players take over the market. This supply redistribution could provide DOGE with a more stable price floor, especially when combined with the visible increase in derivatives interest and renewed attention from institutions.

Adding to the bullish sentiment are political and macroeconomic developments. Speculation that Elon Musk’s recently launched “American Party” may integrate Dogecoin as a payment method on X has garnered attention. Meanwhile, investors remain alert to potential volatility around Donald Trump’s “Liberation Day” tariffs set for July 9, which may impact broader markets and crypto risk sentiment. Still, Dogecoin’s real-world use case is expanding, with Tesla continuing to accept it for merchandise purchases, and payment platforms like PayPal and Revolut integrating DOGE for select transactions.

For now, the key resistance levels lie between $0.173 and $0.180, with a clean breakout above this zone likely opening the door to a retest of the monthly high at $0.2043. Should DOGE maintain momentum and break this resistance, bullish targets include the $0.24233 level — aligned with the 0.618 Fibonacci retracement — and ultimately the $0.2596 neckline. While short-term consolidation may continue, the broader trend suggests that Dogecoin is building a strong base for a sustained recovery heading into the second half of 2025. If the current conditions hold, and whales continue to accumulate, DOGE could be preparing for one of its most significant rallies since the 2021 bull run.