Whale Accumulation Fuels Dogecoin’s Surge Amid ETF Speculation

Whale Accumulation and ETF Optimism Drive Dogecoin's Positive Price Movement

Dogecoin ($DOGE) witnessed significant price surges recently, primarily attributed to whale accumulation and ETF-related optimism. Whale wallets holding 10M-1B DOGE contributed to the price increase, with a peak of $0.427 on January 17.

Crypto analyst Ali's data analysis reveals a correlation between whale activity and Dogecoin's price movements. This surge aligns with bullish sentiment fueled by ETF prospects and growing market interest in the asset.

Whale Holdings Impact Price Growth

Wallets holding substantial DOGE balances (10M-1B coins) demonstrated notable accumulation between January 12-17. As a result, the price mirrored this upward momentum, climbing sharply during the same period. Dogecoin's value began rising on January 10 and peaked seven days later.

Market Anticipation Surrounding Potential ETF

Excitement regarding a potential Dogecoin ETF further contributes to the bullish sentiment. However, a slight price decline followed, reaching $0.313 on January 20, corresponding to a reduction in whale holdings. Nevertheless, the price swiftly recovered to $0.379 by January 21, indicating resilience.

Dogecoin's Long-Term Ascending Channel

Ali also identified Dogecoin's ascending price channel since 2017, defining eight years of price movements. The price frequently oscillates between the channel's lower, mid, and upper bands.

In early 2021, Dogecoin's price surpassed the upper band, signaling a significant surge. It subsequently retraced near the midline and consolidated between 2022-2023. Late 2024 saw renewed bullish momentum, pushing prices close to the upper boundary again.

Currently, Dogecoin trades at $0.39992, a 19.10% weekly increase. Ali attributes this to strong buyer interest and market confidence, further fueled by speculation surrounding ETF approval.