While Bitcoin itself is trading above $77,000 and has seen highs of about $83,000, Dogecoin is providing new signs of recovery, set for a potential breakout.
The meme coin has recovered key support above $0.16 on the back of a clear accumulation wave among whales. DOGE rose by 3.18% over the past 24 hours, with more bullish sentiment as price targets are now at $0.50.
Crypto analyst Ali Martinez recently highlighted that DOGE whales have accumulated about 1.83 billion tokens with a total value of approximately $640.5 million in just two days.
To reinforce the trend, based on Coinglass statistics, Dogecoin’s open interest has risen 6.35% to $1.52 billion. Even more impressive, volume in options leaped 386.98% to $39.13 million, while open options interest jumped by 463.74% to $43.67K, all signs of heightened trader interest and growing expectation of a breakout.
Whales bought over 80 million #Dogecoin $DOGE in the last 24 hours!
pic.twitter.com/2PmXS2iJRQ — Ali (@ali_charts) April 11, 2025
Even with this recent boost, Dogecoin lags behind Bitcoin and has fallen 18% over the past year.
It’s beneath its 200-day simple moving average of $0.2578, and its 14-day Relative Strength Index (RSI) of 45.53 is a mid-pack standing that shows promise for either direction.
What Could Cause DOGE to 3x?
Dogecoin’s value has been fueled by social media mania, celebrity support, most prominently by Elon Musk, and overall macroeconomic factors.
Earlier this month, markets experienced turbulence following President Donald Trump’s imposition of tariffs on several nations, including Madagascar, Vietnam, the European Union, and China. This move triggered bearish sentiment among different asset classes, including cryptocurrency. However, with Trump having just postponed the tariffs for 90 days, sentiment has begun to change.
If there is further worsening in tensions about trade, risk assets like Dogecoin could witness a shock rally, and that could lead to a strong rally.
Favoring the bull case is an onslaught of rising institutional interest in DOGE.
As a recent CNF report highlights, asset manager 21Shares partnered with the corporate arm of the Dogecoin Foundation, the House of Doge, to launch the first Dogecoin Exchange-Traded Product (ETP) in Europe. The ETP will be listed on the SIX Swiss Exchange under the ticker “DOGE” and is notably the only product approved by the Dogecoin Foundation.
In the United States, 21Shares filed a Form S-1 for a Dogecoin ETF, the fourth in total following Bitwise, Rex Shares, and Osprey Funds. This increased regulatory interest in DOGE-based products also reflects increased interest from serious investors.
In another twist, one recent report from CNF stated that Cardano founder Charles Hoskinson proposed an idea that could be a game-changer: Elon Musk adding Dogecoin to social media site X. If the integration happens, it could propel DOGE to all-time highs, with many speculating a potential 3x movement, beyond the price of $0.50.