Whales Accumulate 110M Dogecoin, ETF Hopes Fuel Price Breakout

Dogecoin, the popular meme-based cryptocurrency, has seen significant buying activity from whales in recent days, with a massive accumulation of 110 million tokens in the last 48 hours. This substantial increase in whale activity has sparked speculation about a potential price breakout for the coin.

Analyst Ali Martinez revealed the whale data, which showed that the accumulations occurred as Dogecoin hovered around the $0.25 price level. This mark is now being closely watched by market participants, as it could potentially serve as a crucial support level for the coin. Previous reports have indicated that whales did not sell large amounts of Dogecoin when it was around this price level, suggesting strong market support for the asset.

The current buzz surrounding Dogecoin is the rising odds of an ETF approval, which could significantly boost the coin's price. Last week, the U.S. SEC acknowledged Grayscale's 19-b filing for a Dogecoin ETF. This news has substantially uplifted whale sentiment for the asset, as an approval could provide significant money influx and fuel a price upswing. However, Dogecoin's price has recently tanked nearly 6% over the week, which has ushered in a 'buy-the-dip' sentiment among whales amid the ETF advancements.

Despite the recent price dip, market analysts have projected a bullish outlook for Dogecoin. The coin's price has shown signs of consolidation in recent days, trading up nearly 1% intraday to $0.2564. Analyst 'Trader Tardigrade' recently revealed that the coin's price chart shows a 'ymmetrical triangle' pattern, indicating that the token is consolidating while a breakout awaits. Another renowned trader, 'Altcoin Scholar,' revealed that the $0.22 price level remains a strong support zone for the meme coin, and a sustained break above this level could solidify the chances of further gains.