The sustained resistance above 19 to 20 cents will trigger a rebound in the DOGE price towards the parabolic phase. The approval of a spot DOGE ETF in the coming months is expected to enhance its overall liquidity, trading volume, and demand. Over the past 24 hours, the price of Dogecoin (DOGE) has outperformed other top ten altcoins by market capitalization. As Bitcoin (BTC) price broke through $97,000, the total cryptocurrency market cap rose by 1.2% in the past 24 hours, hovering around $3.12 trillion, with Dogecoin's price increasing by over 5% during the North American mid-session on May 1 (Thursday), trading at approximately $0.1813. The early bull market phase—characterized by heightened optimism and breakthroughs of key resistance levels—marks the beginning of the much-anticipated parabolic phase of the 2025 cryptocurrency bull market cycle.
Dogecoin whales increase their holdings
With the improvement in Wall Street's quarterly earnings reports and trade war negotiations, investors are making corresponding adjustments. On-chain data shows that whale investors have shown increased interest in meme coins led by Dogecoin. According to market data from Santiment, investors holding between 1 million to 10 million Dogecoins have increased their holdings by 100 million Dogecoins over the past week, bringing their total holdings to approximately 10.55 billion coins.
The continuous growth in DOGE demand aligns with a significant increase in its futures open interest (OI), soaring from about $1.31 billion on April 9, 2025, to approximately $1.88 billion. Additionally, Coinpedia reports that the likelihood of a Dogecoin ETF being approved by the end of this year has significantly increased, with Polymarket users betting on a 68% approval rate.
What's next for DOGE
The price of Dogecoin has shown a high correlation with Bitcoin price trends year-to-date, thanks to its widespread adoption among institutional investors. This large-cap meme coin has a fully diluted valuation of approximately $26.9 billion and an average trading volume of about $1 billion over 24 hours, with a target price of 26 cents, consistent with the 200-day simple moving average (SMA).
From a technical analysis perspective, Dogecoin is expected to enter a price discovery phase in the near future. However, the weekly MACD line must break above the signal line, and the relative strength index (RSI) must rebound above 50.
How to hold DOGE?
- Purchase through exchange trading, fast, large volume, suitable for institutional investors.
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