Coinspeaker
May 1, 2025
10 1

Dogecoin Remains Stable as Whales Acquire 100 Million DOGE

Dogecoin (https://holder.io/coins/doge/) is currently trading at $0.175, up 0.5% over the last 24 hours, despite rumors regarding Tesla seeking a replacement for Elon Musk, which have been denied. Tesla remains the only major company accepting DOGE as payment since early 2022.

Key points include:

  • Musk's involvement in politics raised speculation about leadership changes at Tesla.
  • Reports of these changes have been labeled "deliberately false" by Musk and Tesla.
  • The DOGE market shows resilience, indicating investor sentiment may be maturing beyond Musk's influence.

Dogecoin ETF Developments

Analysts predict an 80% chance of SEC approval for a spot DOGE ETF by the end of 2025. A recent filing by Nasdaq to list shares for the 21Shares Dogecoin ETF aligns with this optimism.

Additional facts include:

  • Whales accumulated over 100 million DOGE, valued around $17.5 million, in the past week.
  • The price chart indicates DOGE is above the midline of the Bollinger Bands, suggesting potential upward movement.
  • If it surpasses $0.19, it could target the $0.21 resistance level.

The RSI stands at 53.7, indicating neutral market conditions. A failure to maintain support above $0.165 could lead to bearish pressure toward $0.15.

DOGE price chart

DOGE price chart | Source: TradingView

Crypto analyst CryptoBullet notes that DOGE has formed an Accumulation Cylinder on the 3-day chart since July 2024, hinting at possible significant price movements in the upcoming months.