Dogecoin Price Eyes Breakout As Whales Bag 1Billion DOGE

Key Insights:

• Dogecoin price likely to rally amid massive bets from DOGE whales.
• Dogecoin daily active addresses surged 800% to 674K, the highest since Nov 2024.
• DOGE broke a descending triangle; technicals target a 66% rally toward $0.40.

Dogecoin (DOGE) price is drawing market attention again after a major shift in trading behavior and investor activity. Over 1 billion DOGE have been gathered up by big holders during the last month.

Meanwhile, daily active addresses have increased by 800%, and this has made some analysts believe that the price of cryptocurrency may rise. These developments come as the cryptocurrency defends key support levels and rides the momentum of ETF-related optimism and product expansion on Coinbase.

Dogecoin Whale Accumulation and Futures Market Trends

Large investors have bought more than a billion DOGE in the last 30 days. This increase in whale accumulation often shows that people on the market believe the asset has a bright future. Analyst Ali Chart explained that these types of purchases have helped Dogecoin price go up before.

In parallel, trading data from the futures market shows a rise in retail participation. According to technical indicators, clusters of high-frequency retail trading, referred to as “red bubbles” on trading charts, have appeared.

Historically, these red bubbles have been seen near local price tops, which may indicate an overheated market.

Simultaneously, places with fewer retailers show up as green or pink bubbles, which means things are kind of even and there’s a good mix of stores. These changes help traders see when trends might be picking up and when they might be slowing down or changing direction.

Technical Indicators Hint At Dogecoin Price Surge

The current Dogecoin price was around $0.2266 during writing. It just moved above a triangle pattern, which can be a sign that the market is shifting from bearish to bullish.

This breakout has made some traders hope that Bitcoin will continue to rise in the coming days.

The RSI indicator is 61.89 right now, and that means buying pressure is strong, but the prices aren’t at an extreme high level yet. This means that DOGE can potentially go up in price more.

In addition, the MACD line has moved above the signal line, and the histogram is showing green. This indicates that things could keep going up if the indicators stay good.

Key resistance levels for this cryptocurrency are at $0.232 and $0.253, which are Fibonacci retracement points. If these levels don’t hold strong, the price might drop to $0.453, which is a level based on the Fibonacci extension.

DOGE ETF Filing and Spike in Network Activity

The U.S. Securities and Exchange Commission recently acknowledged a filing from 21Shares for a Dogecoin ETF. This announcement didn’t actually guarantee anything, but people started to think about it and try to figure out if it could affect the market.

As a result, the number of daily active addresses on the network went up from around 74,000 to about 674,000 in just two days, signaling strong market confidence in the future trajectory of Dogecoin price.

This is the highest number of transactions on the blockchain since November of 2024, which means more people are using cryptocurrency right now. Market data from Polymarket shows that traders believe there’s a 68% chance of the ETF getting approved next year.

A smaller group, roughly 24%, hopes to make a decision before July.

These developments are taking place as the cryptocurrency holds its support at $0.20, a price level seen as a base by technical traders. Despite going down 5% recently, many people still feel confident about the market because of how active the networks are and predictions of more investments from ETFs.

Coinbase Developments and Dogecoin Price Projections

Coinbase has announced plans to launch cbDOGE, a wrapped Dogecoin product on its Base layer-2 network. This product is not yet available, but its announcement has fueled anticipation among traders. Once launched, cbDOGE would let users pay with DOGE on decentralized finance (DeFi) apps built on Base.

Base is currently one of the biggest DeFi platforms and has over $4.7 billion in coins and assets locked on it, according to the site DeFiLlama. The introduction of cbDOGE should give the token more uses, especially for those who use DeFi.

Chart analysis suggests that Dogecoin price could reach around $0.39 to $0.40, which would represent a 66% gain from the breakout point. The bullish scenario could extend to $0.44 if the rounding bottom pattern completes and volume increases to support the breakout.

However, if the price falls back below the breakout level, the bullish pattern may be invalidated.