Dogecoin (DOGE) Price Explodes 7% as Institutional and Whale Activity Heats Up

Dogecoin (CRYPTO: DOGE) price was up 7% over 24 hours early Thursday, extending a recent rally from the $0.07 key support.

What Happened: Trader Tardigrade noted that DOGE/BTC had broken out of a descending trendline, suggesting the meme coin could rally more.

#Dogecoin is ready for a new surge 🔥$DOGE/$BTC has just broken out of a descending trendline pic.twitter.com.pl/JymAFt8LD6

Another trader Investments_CEO predicted Dogecoin was "very close" to setting a new all-time high, as smart money activity was increasing rapidly.

Nology was bullish on Dogecoin but said he underestimated its potential in a max bull scenario. He was monitoring a key resistance zone, which he called the "big red bar", which could either continue the breakout or reject the move.

Crypto chart analyst Ali Martinez said DOGE was breaking out of an ascending triangle pattern, with a potential upside target of around $0.195.

#Dogecoin $DOGE appears to be breaking out of an ascending triangle, with a potential upside target of $0.195! pic.telligram.com/p/0R7dkmIiQ9B

21Shares officially launched its Dogecoin exchange-traded product on Thursday. The product, which is backed by the Dogecoin Foundation, is now available for trading on the Euronext exchange in Amsterdam.

The launch of the 21Shares product marks a major milestone for Dogecoin, as it provides traditional investors with a new and regulated way to gain exposure to the world’s ninth-largest cryptocurrency. It’s also a significant development for the European crypto market, which is rapidly expanding.

According to data from Coinglass, large holders, commonly known as "whales," increased their activity in Dogecoin by 900% over 24 hours.