Dogecoin Price Set For Next Leg Up Amid 310M Whale Buying Spree, Predicts Analyst

Crypto expert Ali Martinez has predicted that the Dogecoin price could be set for its next leg up in this market cycle. This prediction comes after new data showed whales bought 350 million DOGE in just 24 hours.

Whale Accumulation Hints at Upward Trend For DOGE Price

In a recent X post, crypto expert Ali Martinez highlighted a buy signal from the Dogecoin price daily chart. He indicated a possible trend reversal, laying the groundwork for a future upward move.

This came after the expert highlighted that large Dogecoin holders snapped up around 310 million DOGE within 24 hours. This surge in whale accumulation came as the token approached a support level between $0.21 and $0.23, which has previously led to significant price rebounds.

Dogecoin also showed a bullish sign on its daily chart, known as a Golden Cross. This occurs when the 50-day moving average rises above the 200-day moving average. The Relative Strength Index (RSI), on the other hand, is currently at 50.6, suggesting that price increases may still occur before overbought conditions are reached.

Exchange data also shows Dogecoin reserves shrinking as coins move into cold storage. Over 72.6 billion DOGE are currently held by billion-token wallets, the most since May 2025. Strong upward movements, like Dogecoin’s 32% rally earlier in the month, have historically been preceded by such accumulation patterns.

Notably, CoinGlass data indicates that options volume increased by more than 350%, while trading volume increased by almost 14% to $6.9 billion. The slight rise in open interest in the futures and options markets is indicative of growing trader confidence in the Dogecoin price.

Bullish Fundamentals Driving DOGE Toward Next Leg Up

The potential for a DOGE ETF is a significant sentiment driver that goes beyond technicals and whale activity. Prediction platform Polymarket currently shows 75% odds that a DOGE ETF could be approved by December 2025.

Greyscale applied for a spot DOGE ETF earlier this year. The SEC then postponed its review, stating that more research was required. However, Dogecoin was listed as one of the 18 cryptocurrency assets that the SEC had updated its “Listing Standards” to allow for ETF approval. This action increases the likelihood that a Dogecoin ETF will be approved, possibly as early as late 2025, according to Bloomberg analyst Eric Balchunas.

Furthermore, BitOrigin, which is listed on the Nasdaq, recently revealed that it has acquired 40.5 million DOGE, or roughly $10 million, as part of a larger strategy to establish a $500 million DOGE treasury. Publicly traded companies’ actions give Dogecoin’s investment case more legitimacy and visibility, which boosts confidence in the DOGE price.