Why Crypto Whales Bet Big on Dogecoin Amid ETF Rumors

Dogecoin Surges Amid Spot ETF Rumors

Cryptocurrency enthusiasm is escalating, largely due to favorable policies in the United States. This shift has sparked discussions regarding the potential approval of spot ETFs for prominent altcoins, including Dogecoin, XRP, and Solana.

Dogecoin's ETF Absence and Future Prospects

Despite multiple ETF applications submitted to the U.S. Securities and Exchange Commission (SEC), Dogecoin remains absent from the list. However, analysts express optimism about a Dogecoin spot ETF under the upcoming Donald Trump administration.

Crypto Whales' Confidence in Dogecoin

Amidst ETF speculation, Dogecoin whales have demonstrated strong buying momentum during recent market dips. Large-scale investors have acquired approximately 250 million DOGE, valued at over $77 million. Wallets holding between 1 million and 10 million DOGE now control a significant portion of the circulating supply.

Dogecoin's Technical Analysis

Dogecoin's price has recently consolidated after a period of significant appreciation. It is currently testing crucial support levels with a market cap of approximately $47 billion and average daily trading volume near $5 billion. Fibonacci retracement levels suggest potential for a bullish recovery. Weekly charts exhibit positive signs, with the Relative Strength Index (RSI) crossing an 85% threshold, indicating optimism among traders.

Implications of Trump's Presidency for Dogecoin

A Dogecoin spot ETF approval under the Trump administration could attract institutional investors and enhance its legitimacy. Additionally, the actions of crypto whales may influence the price action of Dogecoin, as their buying activity signals long-term confidence.

Conclusion

Dogecoin's current market dynamics and future prospects under regulatory and market influences warrant attention. The potential approval of a spot ETF and the actions of crypto whales could significantly impact its trajectory. Investors should exercise due diligence and consult with experts before making investment decisions.