While Dogecoin (DOGE) has dropped by around 38% in the past month to approximately $0.15, some indicators suggest that this meme coin may be at the beginning of a new upward trend. Analyst Ali Martinez believes that investors’ negative sentiments have reached their lowest levels in over a year, historically signaling a potential uptrend. Moreover, recent data shows that whales have bought over 1.4 billion DOGE in the last 24 hours, reducing circulating supply and potentially driving Dogecoin’s price upwards if demand remains stable. Additionally, whale accumulation is a sign of their confidence in this asset, which could also encourage retail investors to enter the market. Another influential factor is the possibility of approving a Dogecoin spot ETF in the U.S. If this product gets the green light, investors can invest in Dogecoin through the ETF without direct purchases, injecting more liquidity into the market and increasing buying pressure. Companies like Grayscale and Bitwise are pursuing a Dogecoin ETF, with some related requests being reviewed by regulators in recent months. Overall, increased whale activity, favorable conditions, and the potential ETF approval could be key factors for initiating a DOGE uptrend.
