TL;DR

Large investors scooped up more than $200 million worth of DOGE in a single day. While some analysts predict a price pump to $0.50 for the meme coin, others warn of a bearish scenario in the short term.

The Whales Go Wild

After its impressive performance towards the end of July, Dogecoins price headed south lately and currently trades at around $0.20 (per CoinGeckos data). However, the recent actions of the large investors (known as whales) signal that another resurgence could be incoming.

The popular analyst Ali Martinez revealed on X that such market participants have accumulated one billion DOGE in the past 24 hours. The stash equals roughly $200 million, and this cohort of investors now collectively holds 72.64 billion tokens (almost 50% of the meme coins circulating supply).

Purchases of that type reduce the amount of coins in the open market and may trigger a price rally (assuming demand doesnt decline). Additionally, small players might take this as an encouraging sign and follow suit. 

It is a common theory that whales have access to insider information about key events that could influence the market, which may explain their sudden buying or selling efforts. One potential development that might have a positive impact on Dogecoins valuation is the approval of the first spot DOGE exchange-traded fund (ETF) in the United States.

Some of the companies willing to introduce such an investment vehicle include Bitwise, 21Shares, and Rex Shares. The odds of a green light before the end of 2025 stood at 56% on August 3, but in the following days they sharply increased to the current 74%. 

DOGE ETF Probability, Source: Polymarket The question now is whether the whales have filled their bags in anticipation of a final yes from the US Securities and Exchange Commission (SEC), or if theres another motive behind their move.

The Next Targets

DOGE remains one of the most talked-about topics in the crypto community, with many envisioning major gains in the near future.

X user Marcus Corvinus described the meme coin as the real silent killer, claiming it is way undervalued compared to its peak levels from 2024 and its ATH in 2021. The analyst cited Dogecoins bullish structure and certain chart patterns to predict a rise to almost $0.50 in the coming months. 

Others made more bearish forecasts. The X user Astekz argued that DOGEs current condition looks horrendous. They assumed that bulls might get lucky with a 20% move to the upside, but after that, the price might plunge substantially.