As Dogecoin price approaches the apex of the rising wedge pattern in the daily timeframe, a consistent close on either border will define the trend for the coming months.
Renewed Accumulation by Whale Investors
According to on-chain data analysis from Santiment, Dogecoin addresses with a balance of between 100 million and 1 billion coins have accumulated 2 billion DOGE units during the past two days. As such, this group of whale investors now holds a total of 29.16 billion DOGE coins.
Spot ETF Hype
Dogecoin price has also benefited from the hype surrounding the spot exchange-traded funds (ETFs). For instance, ETF data shows the recently approved REX – Osprey Dogecoin ETF, alias DOJE, has recorded more than $8.7 million in net cash inflows since September 18.
More spot DOGE ETFs are expected to be approved in the near future, especially after the U.S. SEC approved generic listing standards for spot crypto ETFs. Some of the fund managers seeking to offer spot DOGE ETFs include 21Shares, Bitwise, and Grayscale Investments.
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