Whale Accumulation Fuels Dogecoin’s Surge Amid ETF Speculation

• Whale wallets holding 10M–1B DOGE fueled a price surge, peaking at $0.427 on January 17 amid ETF optimism and bullish sentiment.
• Dogecoin’s price aligns with whale activity, with rebounds showing resilience; trading at $0.39992, it’s up 19.10% in a week.
• An 8-year ascending channel highlights Dogecoin’s bullish trend, with ETF speculation driving renewed market interest in 2025.

Dogecoin ($DOGE) experienced remarkable price activity recently, largely influenced by whale accumulation and ETF-related optimism. purchases of 590 million DOGE by large wallet holders drove the market higher. The price peaked at $0.427 on January 17, a substantial increase. 

Crypto analyst Ali shows data from Santiment showing the correlation between whale activity and price dynamics. He believes this surge reflects bullish sentiment strengthened by ETF prospects and growing interest in the asset.

Whale Holdings Drive Price Growth

Wallets holding between 10 million and 1 billion DOGE coins demonstrated noticeable accumulation trends. Between January 12 and January 17, whale holdings increased. Consequently, the price mirrored this upward momentum, climbing sharply during the same period. Notably, Dogecoin’s value began rising on January 10, peaking seven days later.

Besides the correlation with whale activity, market excitement surrounding a potential Dogecoin ETF adds to the bullish sentiment. The sharp price decline after January 17, reaching $0.313 on January 20, aligns with reduced whale holdings. However, the price quickly recovered to $0.379 by January 21, signaling resilience.

Dogecoin’s Long-Term Bullish Channel

Ali also highlighted Dogecoin’s ascending price channel since 2017. This technical framework defines price movements over eight years. The price frequently oscillates between the channel’s lower, mid, and upper bands.

In early 2021, Dogecoin’s price broke past the upper band, marking a historic surge. Following a correction phase, it retraced near the midline. Between 2022 and 2023, consolidation dominated the market as the price stabilized. Late 2024 saw renewed bullish momentum, driving prices close to the upper boundary once again.

As of January 21, 2025, Dogecoin traded at $0.39992, a 19.10% weekly increase. Ali suggests this reflects strong buyer interest and market confidence. Additionally, speculation about ETF approval adds fuel to the bullish outlook.