Dogecoin News Today: Dogecoin's ETF Bid Ignites Battle Between Bulls and Whales

Dogecoin is at a pivotal moment as the potential launch of its first U.S. exchange-traded fund (ETF) looms and significant whale activity introduces market uncertainty. REX Shares has filed an effective prospectus for a Dogecoin ETF using the Investment Company Act of 1940 (the “40 Act”) structure, a regulatory route that bypasses traditional delays and hurdles. Bloomberg ETF analyst Eric Balchunas highlighted this development, noting that the 40 Act framework enables a quicker launch compared to traditional crypto ETFs, which are subject to the SEC’s Form S-1 and 19b-4 processes. The 40 Act strategy has previously been used successfully by REX for a Solana staking ETF, and the firm is now leveraging the same method to bring Dogecoin exposure to U.S. investors as early as next week [1].

This filing comes amid growing institutional interest in Dogecoin, driven in part by the meme coin’s cultural appeal and its continued price recovery. Dogecoin has surged 116.67% in the past year, though it has since retreated from its December 2024 high of $0.4672 to around $0.2129. Despite its volatility, Dogecoin remains a focal point for ETF seekers. REX is not the only firm pursuing this route: 21Shares, Bitwise, and Grayscale have all submitted Dogecoin ETF proposals, with all applications still pending SEC review. As of now, the SEC is processing 92 crypto ETF applications, reflecting the growing demand for crypto-based financial products [1].

Meanwhile, market dynamics suggest a cautious stance from large holders. On-chain data indicates that whale wallets have shown little movement, signaling neither strong buying nor selling pressure. Analyst Ali Martinez observed that Dogecoin is consolidating within a triangle formation, potentially leading to a breakdown toward $0.17. Derivatives data also paints a mixed picture: while futures open interest increased slightly to $3.36 billion, daily trading volume dropped by 25.2%. Options activity, however, spiked by 520.3%, with open interest rising 108.3%, suggesting growing speculative interest [2].

The market’s uncertainty is compounded by the recent movement of a $200 million whale who transferred approximately 900 million DOGE to Binance in late August. This action has introduced additional downward pressure on the coin, even as smaller players and retail investors remain optimistic about its potential. GalaxyBTC noted that Dogecoin is in an accumulation phase, with consistent higher highs and higher lows across multiple timeframes, a pattern reminiscent of prior rallies. Some analysts, like Only Hades, have framed the weekly chart as a “macro bullish setup,” with historical price waves suggesting a potential target range of $1.00–$1.40 in the future [2].

Investor sentiment is also being influenced by the broader crypto market’s shifting dynamics. While Dogecoin continues to attract attention for its cultural relevance—bolstered by support from figures like Elon Musk—capital appears to be flowing toward projects with clearer use cases and deflationary mechanics. One such project, Rollblock (RBLK), has emerged as a presale token drawing interest from whale investors. Rollblock, focused on transforming the $80 billion gambling industry through blockchain and AI integration, has already generated $15 million in wagers and is experiencing rapid adoption. Analysts have forecasted a 30x price increase for RBLK by 2026, which could position it as a faster-moving alternative to Dogecoin [3].

As Dogecoin prepares to test critical price levels, investors are watching closely for signs of direction. A breakout above $0.225 with increased spot volume could set the stage for a move toward $0.25 and ultimately $0.30. However, a failure to hold above the 200-day EMA of $0.211 would likely bring the price down to $0.205–$0.20. Traders are advised to monitor derivatives activity, open interest trends, and whale movements for confirmation of either scenario [4].

Source: [1] First Dogecoin ETF May Debut in the US Next Week (https://finance.yahoo.com/news/first-dogecoin-etf-may-debut-042810821.html) [2] Dogecoin Stuck Around 22 Cents: Why Are Whales Staying ... (https://www.benzinga.com/crypto/cryptocurrency/25/09/47476009/dogecoin-stuck-around-22-cents-why-are-whales-staying-sidelined) [3] Dogecoin Price Weakens as Whales Move into Rollblock ... (https://www.digitaljournal.com/pr/news/indnewswire/dogecoin-price-weakens-whales-move-1717909997.html) [4] Dogecoin Price Watch: Is DOGE Set to Rally Toward $0.30? (https://investinghaven.com/crypto-blockchain/coins/dogecoin-price-watch-is-doge-set-to-rally-toward-030or-stall-near-022/)