Dogecoin (DOGE) Market Update: Whales Accumulate, ETF Talks Gain Momentum

The cryptocurrency market moves fast. Some tokens struggle to keep up, while others thrive. Dogecoin, the original meme coin, is showing resilience.

Dogecoin (CRYPTO: DOGE) price movements were minimal over the last 24 hours, as the meme coin fiyatı dropped by 2% to $0.26 at press time.

The price suffered as Bitcoin dropped below the $100,000 mark on Monday. Rising trade war tensions between the U.S. and China triggered a sell-off in riskier assets, including Bitcoin and meme coins like DOGE. However, Bitcoin price recovered بسرعة نسبيا as the market reacted to regulatory optimism in the U.S.

Trump Crypto Czar Floats Bitcoin Reserve Possibility

In other crypto news, Donald Trump's crypto czar, David Sacks, made a bold statement that could have major implications for Bitcoin. During an interview on Real Vision Finance, Sacks revealed the government is discussing the potential creation of a Bitcoin reserve.

According to Sacks, there have been internal conversations about designating Bitcoin as a monetary asset that the government can hold. If this plan materializes, it would mark a significant shift in the U.S. administration's approach to cryptocurrency.

Such a move could provide a major boost to crypto markets, as it would essentially be a regulatory approval of Bitcoin. This, in turn, could drive a surge across all digital assets, including Dogecoin.

Dogecoin ETF Talks Gaining Steam

Institutions are showing increasing interest in DOGE. According to Polymarket data, there's a 54% chance of a DOGE ETF approval by 2025. Several applications for a Dogecoin exchange-traded fund are currently being reviewed by the Securities and Exchange Commission.

If approved, a regulated investment vehicle could increase demand for DOGE and push prices higher. In 2023, there was a renewed institutional push for DOGE ETF approvals, following last year's sell-off.

Whales Accumulating 560 Million DOGE in Past Week: Analyst

Crypto analyst Ali Martinez also reported some interesting whale movements in the past week. According to his analysis, whales have been accumulating massive amounts of Dogecoin.

The total accumulation stands at 560 million DOGE, which is roughly $560 million in value. This accumulation comes following a sell-off by whales, signaling a renewed interest from the large holders.

Elon Musk Continues to Fuel Dogecoin Enthusiasm

As always, Elon Musk continues to play a role in keeping DOGE in the limelight. His recent addition of a DOGE department at X adds to the token's appeal, keeping its meme-based utility very much alive.

Near-Term Outlook Bleak, Further Downside Expected

Dogecoin's near-term outlook appears uncertain, and CoinCodex predicts that DOGE may largely hold steady at $0.26 until February 10, 2025. However, the price is expected to see some further downside later this year.

By March 7, 2025, CoinCodex forecasts a 9.62% drop, bringing DOGE down to $0.2402. Technical indicators are pointing towards a bearish trend, and the Fear & Greed Index is at 54, which is in the neutral zone.

Over the past 30 days, DOGE recorded 13 green days out of 30 (43%) and showed 9.54% price volatility. “Based on the Dogecoin forecast, it's now a bad time to buy Dogecoin,” the analysis concluded.

Several key factors will influence Dogecoin's future price movements. Market sentiment could shift if Bitcoin reserves grow, impacting DOGE's momentum.

Institutional adoption, especially through ETF approvals, may bring price stability. Meanwhile, whale accumulation could trigger sudden price surges. Finally, Elon Musk's influence remains unpredictable, keeping DOGE's trajectory uncertain.