Dogecoin has drawn strong investor attention in recent weeks, driven by key developments such as the upcoming DOGE ETF launch and treasury initiatives. The first meme coin ETF will go live this week on September 12, as per reports. On-chain data indicates rising activity from both retail traders and whales around the leading meme coin. Adding to the momentum, CleanCore Solutions launched its DOGE treasury plan, sending its stock up 62% on Monday, September 8.
With the Rex-Osprey DOGE ETF, all set to go live this week, retail and institutional demand for the meme coin could surge again. The launch of this ETF will allow investors to gain exposure to Dogecoin, without directly owning the coin. Following the development, the DOGE price surged nearly 10% from its weekly lows of $0.205.
Blockchain analytics firm Santiment reported that the current DOGE price movement is more expectation-driven, surrounding the spot ETF, instead of fundamentals. They noted that traders are waiting on the sidelines, for the official launch of the ETF. It added that once the launch of confirmed, retail and institutional players together can push the demand.
Furthermore, Santiment noted a strong pick up in whale activity wallets holding between 1 million and 10 million DOGE, aggressively increasing their holdings since August 25. The firm noted that accumulation accelerated as prospects for a potential Dogecoin ETF gained traction. These wallets now collectively hold 10.91 billion DOGE, or 7.23% of the total supply, thereby taking it to a four-year high.
With the Polymarket data showing a massive 92% chance of Dogecoin ETF approval, DOGE price has gained strength, thereby taking the price above $0.24. Currently, the meme coin is trading closer to the top of the channel, and the breakout above $0.242 could lead to further upside.
On the other hand, public-listed firm CleanCore Solutions (NYSE: ZONE) kick-started its $175 million DOGE treasury plan on Monday, September 8. Yesterday, the firm purchased 285.42 million DOGE, valued at $68 million, as part of its newly launched treasury strategy. The company said it plans to accumulate 1 billion DOGE within 30 days and is targeting ownership of 5% of the meme coin’s circulating supply over the long term. Following the announcement, the ZONE stock shot 62% in after-hours on Monday.
On the technical chart, DOGE price is forming a bull-flag pattern. With the breakout candle popping out of the flag, the meme coin is now targeting a rally to $0.43, noted popular crypto analyst Trader Tardigrade.
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