Dogecoin whales bagged 270 million coins recently, sparking speculations over further rally ahead.
Investors are keeping close track of the Dogecoin price, as the meme coin has recorded a surge of nearly 5% today, after a volatile trading recently. Besides, several market experts have recently sparked speculations with their comments on DOGE ETF, with many anticipating a potential launch in 2025. Notably, Donald Trump's election win this year has bolstered market sentiment, with many expecting pro-crypto developments under the Republican administration.
Dogecoin price has recorded massive gains since Donald Trump's election win in November amid a crypto market rally. However, the broader financial market, let alone the crypto space, has gone through a highly volatile phase after the latest US FOMC, with the central bank hinting at a hawkish move ahead.
Despite that, the recent performance of the meme coin indicates that investors are regaining confidence in the segment. Notably, most of the top meme coins like SHIB, PEPE, BONK, and others, have also rallied alongside DOGE today.
Meanwhile, market optimism also soared toward the top dog-themed meme coin, with recent speculations about a potential ETF launch. For context, several top players have filed for ETF launch of the top altcoins like XRP, SOL, and others, recently. This reflects the growing confidence of institutions in the crypto sector under Trump's presidency.
Speculation is mounting over a potential Dogecoin price rally ahead after the potential launch of a Dogecoin ETF in 2025. For context, ETF Store president Nate Geraci recently expressed surprise that no ETF issuer has filed for a Dogecoin ETF, citing minimal downside risk. Bloomberg ETF analyst Eric Balchunas agrees with the statement, predicting that a filing would have occurred by Christmas.
However, he suggests that issuers may be waiting for regulatory clarity under the incoming administration. He said that the filing would also come after Trump's inauguration on January 20 and when the new US SEC Chair replaces Gary Gensler. Notably, Balchunas favors Venuto to reserve the "DOGE" ticker but believes Tuttle is the most likely to file for the ETF.
DOGE price today was up nearly 5% and exchanged hands at $0.3363, while its trading volume fell 3% to $3.31 billion. The crypto had touched a 24-hour high of $0.3394 while noting a surge of over 125% since the November start when it traded at $0.15. Furthermore, CoinGlass data showed that DOGE Futures Open Interest rose about 6% to $2.16 billion, indicating a bullish market sentiment.
In addition, whale activity has soared significantly amid the recent dip in Dogecoin price. In a recent X post, popular market expert Ali Martinez said that DOGE whales have accumulated around 270 million coins over the last few days, sparking market optimism.
Meanwhile, Martinez previously shared a bullish forecast for Dogecoin in a separate post. He has cited the historical trends of the meme coin and said that the crypto could rally to $20 if history repeats. Considering all these aspects, it appears that DOGE price is likely to witness a robust rally with the ETF launch ahead.