- Dogecoin price has been preparing for a parabolic rally to its all-time high in the past year.
- On-chain data shows DOGE whales have been aggressively accumulating in the past few days.
- The Dogecoin ecosystem will significantly benefit from the imminent approval of spot DOGE ETFs.
Dogecoin (DOGE) is trading near a crucial support after sliding 17% in the past week to about $0.2315. With a market cap of $35.3 billion, the largest memecoin now sits at a level that will shape its next major move.
DOGE Price at a Make-or-Break Level
In the daily timeframe, Dogecoin price has been consolidating in a rising wedge pattern since early April this year. The recent retrace from $0.30, during the past three weeks, has seen DOGE price retest the lower border of its rising wedge pattern.
As the DOGE/USD pair approaches the apex of its rising wedge pattern, any breakout on either side will heavily influence its price action in the coming weeks.
Related: XRP and Dogecoin ETFs To Arrive in U.S. Markets Under SEC’s 1940 Act Rules
In the weekly and 3-day timeframes, DOGE price has been retesting its recent breakout from a falling logarithmic resistance trendline, which was established during the first half of 2025. Dogecoin price could be following a similar fractal pattern to its 2024 Q4 bullish breakout.
However, if DOGE price falls below the falling Logarithmic trendline, further correction will be inevitable in the near future.
Whale Accumulation Builds on DOGE Conviction
As Dogecoin price retested its crucial support level during the last few days, on-chain data shows a rising demand from whale investors. According to market data from Santiment, Dogecoin whales with a wallet balance of between 100k and 1 billion coins accumulated 2 billion DOGE coins, valued at over $460 million, in the last two days.
As such, this group of investors now holds a total of 29.16 billion DOGE coins, valued at around $6.7 million at the time of this writing.
ETF Flows Support Institutional Adoption
Dogecoin price is also hovering at a crucial support level, which may turn on either side, amid its rising adoption by institutional investors. As the oldest memecoin, with deep liquidity on almost all centralized exchanges, the DOGE price is expected to enjoy a bullish outlook in the near future fueled by hype on spot Dogecoin ETFs.
For instance, market data from etf.com shows the REX-Osprey DOGE ETF has recorded more than $8.7 million in net cash inflow since its approval last week.
Meanwhile, the United States Securities and Exchange Commission (SEC) is expected to approve several other spot DOGE ETFs in the near future. Moreover, the agency recently approved generic listing standards for spot crypto ETFs, which hastens the approval process.
Some of the fund managers seeking to offer spot DOGE ETFs include Grayscale Investments, Bitwise, and 21Shares. Once approved, the spot Dogecoin ETFs will be a major source for a bullish outlook.
Related: Dogecoin Holds $0.24 as ETF Bets Build, Analysts Eye $0.30 Breakout
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
