Dogecoin (DOGE) Primed for Resurgence as Speculation Around Spot ETF Filing and Whale Purchases Intensify

Dogecoin (DOGE) has been gaining significant momentum recently, driven by speculation around a potential spot ETF filing and substantial whale purchases. Despite a recent price correction, the cryptocurrency community remains optimistic about DOGE’s future prospects, buoyed by these developments.

Dogecoin (CRYPTO: DOGE) has seen a surge in interest recently, with speculation about a potential spot ETF filing and substantial purchases by crypto whales driving optimism among the cryptocurrency community.

After a recent price correction, Dogecoin’s market performance and upcoming developments will be closely watched by both retail and institutional investors.

What Happened: Speculation about a Dogecoin spot ETF has been fueled by comments from Bloomberg senior ETF analyst Eric Balchunas, who stated that the chances of a Dogecoin ETF filing could increase under the administration of President-elect Donald Trump.

With the possible appointment of Paul Atkins as SEC Chair, the regulatory environment for crypto ETFs is expected to become more favorable, leading to anticipation in the crypto community.

A Dogecoin ETF could pave the way for greater institutional involvement and recognition of the cryptocurrency.

On the other hand, crypto whales have been accumulating Dogecoin during a recent market dip, according to on-chain data from Santiment.

As the price dropped below $0.32, crypto whales purchased 250 million DOGE, amounting to over $77 million in value at the time of purchase.

This accumulation by large holders, ranging from 1 million to 10 million DOGE, has brought their total holdings to over 10.7 billion DOGE, nearly 1% of the total circulating supply.

These substantial purchases during a price decline signal strong confidence in Dogecoin's long-term potential.

Dogecoin’s price has been in a mid-term correction after significant gains over the past two months. The memecoin, currently priced at around $0.31, is experiencing support at the 0.5 Fibonacci retracement level.

With a market valuation of about $47 billion and an average daily trading volume of $5 billion, Dogecoin's market performance is set to influence the broader cryptocurrency market.

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After testing this support, a major rebound could be on the cards, especially considering that the Relative Strength Index (RSI) recently climbed above 85% for the first time since mid-2021, indicating strong bullish momentum.

Together, these developments—speculation around a potential spot ETF filing and substantial whale purchases—have positioned Dogecoin for a potential resurgence.