- Dogecoin climbs 4.6% in 24 hours, extending a 14% weekly rally on ETF optimism.
- Whale accumulation and a tightening supply strengthen market confidence
Whale Accumulation and ETF Interest Rocket Dogecoin.
Dogecoin (DOGE) has risen 4.6% over the previous 24 hours, contributing significantly to a 14.1% weekly gain and strengthening its position in the so-called Uptober rally. The broader cryptocurrency market has increased by 1.3 percent during the same timeframe, and there is renewed hope that monetary easing and new ETF approvals will follow.
On-chain statistics suggest that large accumulators are buying DOGE rapidly. On October 6, whale wallets purchased more than 30 million tokens, which were valued at approximately $7.86 million. At the same time, over $700 million of DOGE has been withdrawn from centralized exchanges in a week. Analysts view this as a tightening of supply, where long-term holders are shifting assets to cold storage as prices rise amid increased expectations.
The potential future Dogecoin spot ETF is another development that market participants are watching. Bitwise and Grayscale are also in review by the U.S. Securities and Exchange Commission, and a newly launched RexShares Osprey Futures ETF ($DOJE) has already attracted early retail business. Regulatory commentary is a concern for investors following the temporary government shutdown in the United States, which may lead to a decision by the end of October via an ETF.
Technical Breakout and Expansive Market Context.
Technical indicators support the bullish story. DOGE is continuing to record positive support at $0.24, and the MACD histogram has become positive at +0.0005, which shows an upward trend. The RSI value of 59.25 in the 24 hours is not very far off from touching the overbought level. An authoritative close above $0.27, which also aligns with a significant Fibonacci resistance level, may initiate a push towards $0.30. Any inability to provide support above 0.24 may, however, subject the asset to a downturn around 0.195.
The general market environment is conducive. The overall crypto market capitalization now exceeds $4.29 trillion, driven by a surge in Bitcoin above $ 125,000 and a 17 percent increase in BNB. This shift to altcoins has solidified the perception that the Uptober bounce can continue, and Dogecoin is once again becoming one of the most sentiment-driven market leaders.
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