Dogecoin Jumps 15% As Trader Speculates On ETF Odds, Technical Chart Shows Bullish Signals

Dogecoin DOGE/USD is witnessing a rally at the week’s open amid fueled ETF rumors and significant whale movements.

What Happened: Based on Whale Alert data, Dogecoin whales reported a movement of around 245 million DOGE, which includes 47.81 million DOGE transferred from Binance to an unidentified wallet around two hours ago and another 60 million DOGE from Coinbase to another unknown wallet around 11 hours ago.

Also, other transactions of 136.8 million DOGE from unknown wallets to Coinbase exchange were reported around 11 hours ago.

Dogecoin is trading 16.5% higher in past 24 hours, taking its seven-day gains to 92%. Current trading volumes are maximized at 68%.

See Also: Dogecoin Wows With 14% Gain: 'King Of Memes Still Feels Like A Mispricing,' Crypto VC Says

Why It Matters: In a March 3 post on X, Dogecoin creator Billy Markus, pseudonym "Shibetoshi Nakamoto," explained how the Bitcoin BTC/USD price movements and the following pattern of altcoins’ prices. In his post, he highlighted that traditionally Bitcoin sets the trend for market trends.

Altcoin expert and a veteran whale, CriptoPaul (Noodles) tweeted with an image that $1 Doge is inevitable and in another post he compared how the Solana price surged from $8.50 to $130, Doge will also spike from 6 cents to $1.

Crypto trader Andrew Kang also indicated optimism amidst the bullish Dogecoin price movements. He placed the odds of a potential Doge ETF at more than 30%. His comments come amid the approved Spot Bitcoin ETF and a likely Ether ETF. He tweeted,

I put odds of eventual $DOGE ETF at >30%. Anything is possible with recent regulatory developments, Trump winning the presidency and Doge being the most decentralized alt

Everyone is talking about the ETH ETF trade but no one is talking about the $DOGE ETF trade pic.twitter.com/8ujjRyty4d

— Andrew Kang (@Rewkang) March 4, 2024

What’s Next: Based on Benzinga Labs Technical chart of Dogecoin, the 50-day Simple Moving average and 100-day SMA are meeting at 9 cents and the 50-day SMA cut 100-day SMA from below. This is a very clear bullish indicator, as the current price is considerably higher than the meeting point of the two technical lines.

IntoTheBlock data indicates 85% Dogecoin holders are making profit, while 3% are at break even and, the remaining 12% stand out of profit.

Now Read: Crypto Analyst Turns $10K Dogecoin Trade To $100K Through 'Risky' Investment

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