- Dogecoin whales accumulated over 27 billion DOGE at the $0.08 level, forming a major support zone.
- Despite continued downward pressure, analysts see the support as a critical stabilizing point.
- Expectations are rising around Dogecoin spot ETF approvals from Grayscale and Bitwise.
Dogecoin’s price may be shaky, but whales just made a move big enough to flip the entire narrative. More than 27.4 billion DOGE has been quietly scooped up at the $0.08 level. Forming a support zone so strong it’s now the biggest bullish signal DOGE has seen in weeks.
Data shared by an analyst Ali shows that the cost basis (the purchase price of an asset) heatmap for Dogecoin at $0.08 has a supply of over 27 billion coins as compared to $0.02 with just 12 billion coins.
Dogecoin Finds a Lifeline as Whales Build a Support Zone
The general crypto market is facing a bear market and top assets are among the worst hit. With the uncertainties surrounding the industry, every asset needs strong support off of which to bounce.
Analysts say Dogecoin is in a downward trend with multiple corrections that have made it difficult to hold $0.165, making any strong support a major help.
Meanwhile, Bitcoin, the biggest crypto asset, is yet to establish such support and analysts believe it risks dropping to $85,000 if the bearish trend persists.
Fortunately, Bitcoin whales are also aggressively buying, which increases the chances of finding a worthy support for a rebound.
Are Dogecoin ETFs the Catalyst That Could Shock Everyone?
At the time of this report, Dogecoin has dropped below the $0.165 price and is trading at $0.156. While analysts see danger ahead, could a spot ETF save the day?
There are high expectations that the first Dogecoin spot ETFs by Grayscale and Bitwise may get approved by next week.
ETF approvals haven’t always resulted in assets rallying, but Dogecoin supporters are hopeful that these would make a difference, at least in the long term.
Even if the price doesn’t moon immediately, ETF approval may serve as the foundation for the next major growth cycle. Especially paired with whale accumulation at such a strong support level.
More Must-Reads:
- Analysts Turn Bearish as Bitcoin Weekly Close Spells Doom
- Brutal DOGE Dump Follows Textbook Ichimoku Signal
- Massive DOGE Breakout Pattern Hints at 1,000% Upside
What do you think?
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