Dogecoin (CRYPTO: DOGE) is heating up again as more bulls are setting short-term price targets for the crypto.

What Happened: Crypto whales have been scooping up large amounts of DOGE. Over the past seven days, around 100 million DOGE was purchased by crypto whales, according to data from crypto analytics firm.

This accumulation comes as meme coins have seen triple-digit percentage gains in the same period. As the broader crypto market continues to recover from a battered March, whales are hunting for good entry positions ahead of an anticipated rally.

Institutions have been massively accumulating more Dogecoin, while retail investors’ netflows have slowed down, indicating that the crypto is still in the green zone.

What’s interesting is that, unlike other assets, we’re seeing net trader activity decrease from the centralized exchanges, which could signal to traders more confidence in holding onto their Dogecoin.

After Bitcoin (CRYPTO: BTC) retested the $95,000 level, we saw some outflows from traders for altcoins like Ether (CRYPTO: ETH), Solana (CRYPTO: SOL), and XRP, which could indicate some profit-taking fears. This impact decreased over the past seven days, denoting a lighter bullish influence.

At the time of writing, DOGE is changing hands at $0.1792, registering a 2.5% increase over the past 24 hours and a more substantial 46% rise on a seven-day average. The 24-hour trading volume is above the 18% volume, propelling the market cap to $26.7 billion.

Several traders are targeting a short-term price for Dogecoin to reach above $0.3 as they believe the crypto is poised for a rally. Expert trader Ali Martinez penned an analysis on Dogecoin’s journey toward a potential retest of its all-time high.

According to Martinez, an upsurge above the $0.20 level could propel Dogecoin toward an attempt to reach its previous all-time high of $0.74. Such a breakout would signal strong bullish momentum and potentially attract increased investor interest.

“Its price has been encountering resistance at the 200-day exponential moving average, which could pose a challenge to the bulls in the short term. A decisive breakthrough above this key resistance could ignite a strong rally towards the 0.30-$0.35 range, setting the stage for a potential retest of the all-time high.”

The Dogecoin community also buzzed with excitement as Bloomberg’s analyst Eric Balchunas shared the latest odds for a possible spot ETF approval in the U.S.

According to the shared data, SPOT Doge ETFs have an 80% approval chance with a final SEC deadline on October 17.

Related Link: Top 5 Crypto Movers: Meme Coins SHIB, PEPE, TRUMP See Triple-Digit Gains As Bitcoin, Altcoins Heat Up From U.S. Open

Why It’s Important: This year, meme coins have lagged behind in their recovery from the Q4 2022 downturn due to several macro trends that have impacted the market.

Meme coins are usually traded in correlation with Bitcoin’s price trends and are often recognized for their low utility compared to the top cryptocurrencies.

However, Dogecoin and other meme coins have seen significant triple-digit gains last month, aligning with the broader market rebound.

According to data from aggregator CoinVar, the total crypto market cap saw an average daily increase of $12 billion, while trading volumes also soared to astronomical levels.

Among the top altcoins, Shiba Inu (CRYPTO: SHIB), PEPE and Official Trump tokens displayed impressive gains of over 7% last week.