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Dogecoin Gains Momentum Amid Spot ETF Speculation and Whale Purchases
In recent weeks, the cryptocurrency market has been gripped by speculation surrounding a potential spot ETF filing. The anticipation has sparked significant interest in Dogecoin (DOGE), with its price surging amid the uncertainty.
The possibility of a spot ETF approval under the administration of President-elect Donald Trump, potentially with Paul Atkins as SEC Chair, has sent ripples through the crypto community. Such a move could legitimize Dogecoin and attract substantial institutional investment.
In parallel, significant whale activity has also fueled optimism around DOGE’s prospects. According to Santiment on-chain data, crypto whales have recently purchased 250 million DOGE, worth over $77 million, during a market downturn. This accumulation by large holders, representing nearly 1% of the total circulating supply, indicates robust confidence in Dogecoin’s long-term potential.
As a result, the cryptocurrency has been trading within a tight range, currently testing support near the 0.5 Fibonacci retracement level. Analysts believe that this could serve as a catalyst for a major rebound, given the Relative Strength Index (RSI) recently reaching 85%, its highest point since mid-2021.
The confluence of these factors has put Dogecoin in an enviable position to potentially experience significant growth in the coming months. As institutional interest and community support continue to build, the memecoin’s value could see a substantial rebound.
Disclaimer: The views expressed by Crypto Economy are for informational purposes only and should not be taken as investment advice.
Source: Santiment
Source: crypto-economy.com
