Dogecoin News Today: Dogecoin Surges 6% on Whale Buying and ETF Speculation

Dogecoin (DOGE) has surged more than 6% in the past 24 hours, breaking above the $0.227–$0.2307 support level and trading at $0.2365 at press time. The rally has been attributed to whale activity, with large investors purchasing over 1 billion DOGE—equivalent to around $200 million—in the last 24 hours. This concentrated buying has reduced sell-side liquidity and highlighted institutional confidence in the asset [1]. Over 50% of the total DOGE supply is now held by large investors, indicating a shift in market dynamics toward long-term accumulation [1].

The DOGE turnover ratio suggests that the market has sufficient depth to sustain the current upward momentum in the short term. Technically, Dogecoin has reclaimed its 30-day simple moving average (SMA), with the relative strength index (RSI) sitting at 57 in the neutral zone. This sets the stage for potential further gains. A breakout above the $0.242–$0.245 level could drive the price toward $0.25–$0.26, and if bullish momentum continues, analysts have identified a potential 18.19% surge toward the $0.26 zone [1].

Institutional interest is also being fueled by growing speculation around potential ETF approvals. On the prediction market Polymarket, odds as high as nearly 80% have been assigned to the approval of a Dogecoin ETF. Earlier in June, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the probability of a spot Dogecoin ETF approval to 90%, noting that altcoin ETFs—especially DOGE and XRP—have a strong chance of receiving SEC approval by the end of 2025 [1].

Traders are closely watching for a breakout above $0.28, which could signal a path toward the higher $0.38 resistance level. However, reaching $0.30 would require sustained bullish momentum, continued institutional support, and favorable regulatory developments such as ETF approvals. Despite the recent gains, the market is still assessing whether the current rally is a short-term bounce or the beginning of a more sustained upward trend [1].

With increased whale accumulation, strong technical indicators, and growing institutional speculation, Dogecoin appears to be in a favorable position. The convergence of on-chain activity and market sentiment has positioned DOGE for a potential continuation of its upward trajectory in the coming months [1].

Source:

[1] DOGE Price Rallies Over 6% After Whales Buy 1B Dogecoin – Is $0.30 Likely? (https://cryptonews.com/news/doge-price-rallies-over-6-after-whales-buy-1b-dogecoin-is-0-30-likely/)