Dogecoin (DOGE) has surged 23% in the past week, outperforming major cryptocurrencies, with its price climbing from $0.188 to $0.244 before stabilizing near $0.23-$0.24. This rally is primarily attributed to aggressive whale activity, including 230 million DOGE ($12 million in long positions) accumulated within 24 hours, signaling strong institutional interest.
Technical analysts highlight a bullish double-bottom pattern forming, with Crypto Patel identifying $0.18-$0.23 as a strategic accumulation zone. Noted trader Kaleo stated: "Dogecoin will take a day or less to speedrun back to recent highs when it gets going," drawing parallels to DOGE's historic 26,000% surge in late 2020. Analysts now project potential targets at $0.50, $1, and $2, contingent on sustained buying pressure above the $0.18 support level.
While ETF approval rumors contribute to bullish sentiment, no formal regulatory filings exist. Market dynamics remain driven by whale behavior and technical indicators rather than fundamental developments.