- Whale wallets added over 1 billion DOGE as prices rallied to $0.251, signaling growing long-term institutional interest.
- Daily address activity spiked 95% during the rally, aligning with $1.52B in transaction volume on May 12.
- Fibonacci retracements of $0.206–$0.219 were support, propelling bullish momentum towards levels of resistance around $0.25952.
Dogecoin has witnessed a dramatic surge in whale transactions, daily address activity, and trade volume during increasing market rumors of a potential Dogecoin ETF. Network activity increases follow price rallies quite closely, signaling increased institutional participation and speculative flows.
Whale Activity Aligns With Price Surges
A sharp rise in Dogecoin whale transactions occurred between April 22 and May 13, reaching a peak of 354.85 transactions above $1 million, according to a post by Ali Martinez. This increase tracked closely with price momentum, as DOGE climbed from $0.152 to $0.251 during the same window. Daily active addresses spiked to 682,920, with the price peaking shortly after on May 13.
Whale wallet accumulation intensified starting April 25, as addresses holding 100M–1B DOGE added over 1 billion tokens. Their balances remained elevated even during periods of volatility, suggesting long-term positioning by large holders. By May 15, DOGE corrected to $0.221, while whale holdings showed only slight reductions, indicating minimal selloff activity.
Transaction volume followed suit, rising from $564.59 million to $1.52 billion in just two days between May 10 and May 12. Network activity mirrored price movement, with volume peaking just before the May 13 price top. Daily addresses dropped by 95% following the peak, pointing to a rapid cooldown in speculative flows.
ETF Proposal Fuels Market Anticipation
The proposed 21Shares Dogecoin ETF has intensified investor focus on Dogecoin. It is designed to track DOGE’s price passively using the CF DOGE-Dollar US Settlement Price Index. Managed by Coinbase Custody Trust Company, the ETF aims to lower entry barriers and provide secure, regulated exposure for traditional investors.
The update comes as speculation around meme coins is increasing, positioning Dogecoin for broader adoption if approved. Similar to Bitcoin and Ethereum ETFs, the offering would legitimize Dogecoin in institutional portfolios. Experts state it could calm DOGE’s volatility by broadening ownership and sparking new accumulation.
Fibonacci Supports Reinforce Bullish Momentum
Technical indicators suggest Dogecoin’s recent rally has respected key Fibonacci levels, supporting its ongoing trend. DOGE was shown rebounding each time it dipped into Fibonacci retracement zones between the 0.382 and 0.5 levels. The latest rebound occurred at the $0.206–$0.219 range, serving as a base for the move toward $0.226.
Three bullish waves have been documented across Dogecoin’s 4-hour Heikin Ashi chart, each forming higher highs off retracement levels. These support zones provided launchpads for price momentum and acted as accumulation regions during consolidations. Resistance near $0.25952 now looms as the next key breakout level.
DOGE continues to trade in a tight range between $0.215 and $0.227, with a current market cap of $33.84 billion and a 24-hour trading volume of $2.47 billion. Circulating supply remains fixed at 149.28 billion tokens, with no supply changes recorded in recent sessions.
