DOGE Price Rallies Over 6% After Whales Buy 1B Dogecoin – Is $0.30 Likely?

Dogecoin (DOGE) has surged more than 6% in the past 24 hours, sitting above a resilient $0.2307–$0.227 support zone. The crypto has rallied 17.75% in the past week, despite a small retrace. Doge is trading at $0.2365 at press time according to CoinMarketCap data.

If bullish momentum continues, the chart signals a potential 18.19% surge, targeting the $0.26 zone.

Besides, the rally is spurred by strong institutional interest, following whale accumulation of 1 billion DOGE ($200 million) in recent sessions. The large-holder ownership nears 50% of the supply.

Whales bought over one billion Dogecoin $DOGE in the last 24 hours! pic.twitter.com/qdGrIE6Gez

— Ali (@ali_charts) August 6, 2025

This means that the concentrated buying reduces sell-side liquidity and signals institutional confidence. Further, the DOGE turnover ratio suggests sufficient market depth that would sustain momentum for the short term.

Per a trader, the DOGE price is now pushing toward the 0.28 target zone inside a bullish channel structure. “A break above 0.28 could open the path toward the higher 0.38 resistance area.”

Potential Dogecoin ETF Approvals and Wider Adoption

Institutional investors have assigned odds as high as nearly 80% in the Polymarket for a potential Dogecoin ETF approval. Besides, the political and regulatory landscape has also changed significantly this year toward a crypto-lenient approach.

In June, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised odds of spot Dogecoin ETF approvals to 90%. They noted that altcoin ETFs, including DOGE and XRP, have a better chance of being approved by the SEC by the end of 2025.

The increase in the ETF speculation, along with whale activity and policy developments, suggests a possible higher price target in the coming months.

DOGE Technical Momentum

Dogecoin has reclaimed its 30-day simple moving average (SMA) with relative strength index (RSI) within the neutral zone at 57. This means there is room for an upside trend. Key resistance is at $0.263.

Bulls are expecting a breakout above $0.242–$0.245, which could unlock a secondary leg toward $0.25–$0.26. holding above the support zone would keep DOGE’s bullish thesis intact, setting up trends for a potential surge.