Dogecoin price may be setting up for a significant rally, possibly reaching $3.0, as demand surges following Bitwise’s filing for a spot Dogecoin ETF.
Dogecoin price DOGE $0.17 24h volatility: 0.3% Market cap: $25.87 B Vol. 24h: $1.11 B could be preparing for a 10x rally or 900% shooting all the way to $3.0 amid soaring demand as asset manager Bitwise filed for a spot DOGE ETF. After hitting a low of $0.3159 earlier today, Dogecoin has bounced back and is currently trading at $0.3315.
Dogecoin Price Could Rally 900% Similar to 2021
Although the Dogecoin price has been on a downtrend recently, crypto analyst Ali Martinez raised concerns about betting against DOGE. He referenced Dogecoin’s remarkable surge of nearly 900% within just 48 hours back in 2021. The current DOGE chart pattern hints at a similar breakout in the making. Thus, Martinez warned about the risks associated with shorting Dogecoin, considering that a breakout could trigger massive liquidations.
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Source: Ali Charts
Furthermore, Martinez also highlighted that during the 2021 bull cycle, Dogecoin (DOGE) experienced a massive surge, skyrocketing by over 10,000% in just 98 days.
Crypto analyst Crypto Scient predicts a potential significant rally for Dogecoin (DOGE). The cryptocurrency is currently consolidating above the 1-day support level and finding support at the 1-day 100 EMA.
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Source: Crypto Scient
Strong support is also identified at $0.262, coinciding with the 1-day 200 EMA. Crypto Scient suggests these zones are ideal for accumulating spot positions. However, the outlook turns bearish if Dogecoin price starts losing the 1-day 200 EMA and closes below these key support levels.
Additionally, on-chain data reveals a notable rise in Dogecoin whale accumulation, with large holders showing increased inflows into Dogecoin wallets. Over the past week, inflows grew by 5.33%, indicating a steady weekly increase.
However, the past 30 days saw a substantial jump of 323.86%, signaling growing interest from high-net-worth investors. The most significant surge occurred over the last 90 days, with inflows skyrocketing by 3,722.46%.
Bitwise Files for Dogecoin ETF
On Tuesday, January 28, crypto asset manager Bitwise filed for a spot Dogecoin exchange-traded fund (ETH) with the US Securities and Exchange Commission (SEC). Bitwise’s S-1 filing needs to be accompanied by a 19b-4 filing to initiate the approval or denial process for the dog-themed memecoin fund.
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Source: Polymarket
Earlier this month, REX Advisers and Osprey Funds sought approval from the US SEC to launch an ETH for Dogecoin and other meme coins. The increase in ETF filings has impacted prediction markets. On Polymarket, the likelihood of a Dogecoin ETF being approved in 2025 jumped from 27% earlier this year to 53% following recent developments, before stabilizing at 50% at the time of reporting.
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