Dogecoin Jumps 7%, Whale Activity Surges 900%: What's Fueling The Rally?

Dogecoin DOGE/USD is up 7% on the day as a wave of whale activity and institutional interest boosts optimism for a major breakout.

What Happened: Trader Tardigrade highlighted that DOGE/BTC has broken out of a descending trendline, suggesting DOGE may be preparing for a strong leg higher.

Trader ‘Investments_CEO’ predicted Dogecoin is "very close" to setting a new all-time high, citing rapidly rising smart money activity.

Nology remains bullish, though he admits he may have underestimated DOGE's full potential in a max bull scenario.

He's watching closely as price approaches a key resistance zone, what he calls the "big red bar", which may either confirm a breakout or reject the move.

Crypto chart analyst Ali Martinez observed DOGE breaking out of an ascending triangle pattern, with an upside target around $0.195.

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Also Read: A 93-Day Dogecoin Bull Spring May Be About To Begin

Why It Matters: 21Shares officially launched its Dogecoin exchange-traded product today, which has backing from the Dogecoin Foundation.

This marks a major milestone, providing regulated access to DOGE for traditional investors.

Whale activity has soared 900%, as large holders appear to be accumulating and holding DOGE aggressively. 

Coinglass data shows DOGE derivatives trading volume having expanded by 65.8% in single day, while open interest spiked 11.3% implying rising interest of traders.

Liquidations totaled $11.8 million, with shorts accounting for $8.8 million, indicating bearish traders were forced to exit as prices spiked.

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