Whales Acquire 310 Million DOGE Amid ETF Speculation

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Key Points:

• Significant DOGE accumulation by whale wallets observed.
• Whales acquired 310 million DOGE in a 24-hour period, attracting considerable attention.
• Increased buying activity is linked to growing optimism regarding potential Dogecoin ETF approval.

Main Market Event: DOGE Accumulation by Whale Wallets

Whale wallets accumulated 310 million Dogecoin, valued at over $73 million, within a 24-hour timeframe. This activity occurred amidst rising expectations for a Dogecoin ETF approval, drawing significant attention from market analysts.

This surge in accumulation underscores increasing speculation within the cryptocurrency market. It potentially signals a renewed bullish phase and is influencing investor sentiment, particularly around meme coins.

Whale wallets added 310 million Dogecoin (DOGE) in the past 24 hours, coinciding with a price dip. This accumulation occurred as the perceived probability of ETF approval for Dogecoin increased to 75%, captivating analysts and market participants. Market analyst Ali Martinez noted this activity, highlighting the significant purchase volume.

Entities holding between 100 million and over 1 billion DOGE were responsible for the majority of the purchasing activity. Analysts Ali Martinez and Javon Marks have pointed out that these activities align with historical bullish cycles observed in Dogecoin's market behavior.

This activity is impacting both the Dogecoin price and trading volume, with over $2.2 billion traded within a single day. Increased optimism surrounding a potential ETF and heightened attention on meme coins have significantly influenced the broader cryptocurrency landscape.

The investment of over $73 million in DOGE represents a notable financial development. However, primary data reports indicate that this is likely due to individual large-scale involvement, with no direct evidence of institutional investment or formal funding.

The transactions have lifted Dogecoin's price above key support levels, reaching $0.223, reflecting a marginal increase amidst growing interest. These developments reiterate DOGE's inherent volatility and its dependence on market sentiment.

Experts suggest potential rallies based on historical wedge patterns, indicating the possibility of substantial gains if the trend mirrors past occurrences. The increasing probability of ETF approval has driven positive market sentiment, although no regulatory confirmations have been issued. According to an Anonymous Market Analyst on Polymarket, there is a "75% probability of DOGE ETF approval in 2025."