Dogecoin Surges 6% on $1.5 Billion Volume – Did Whales Just Buy the Bottom?

While the Dogecoin price has been in free fall since March, the past 48 hours are shaping up as a potential “buy-the-dip” event, just short of pre-election lows.

Dogecoin remains a staple in the “best meme coins” conversation, but retail liquidity has thinned under heavy market FUD.

With the Canada-U.S. trade conflict de-escalating this week and a potential Ukraine ceasefire agreement on the table, some of these bearish market pressures are beginning to ease.

Are Whales Buying the Dip on Dogecoin?

In an early week X post, pseudonymous analyst Lumen revealed that whales accumulated 1.7 billion DOGE over the weekend—a move which has since developed into an uptrend.

$DOGE has dropped 20% in a week, falling from $0.22 to $0.17 amid bearish market conditions.

But, Dogecoin whales have accumulated 1.7 billion $DOGE ($298m) in the past 72 hours, signaling bullish sentiment ahead of a potential Dogecoin ETF approval.

📊 Price Projection

If… pic.twitter.com/56WSMmnMJE

— Lumen (@Lumen0x) March 10, 2025

He attributed the surge to bullish sentiment surrounding a potential Dogecoin ETF approval.

Lumen projected that if DOGE reclaims $0.20 before the ETF approval, the meme coin could rally to $0.50, fuelled by ETF-driven liquidity.

DOGE Price Analysis: Is $0.20 the Next Target?

Today’s surge comes as Dogecoin retests key levels, with a long-term support trendline a the lower support of a descending channel pattern that has guided bottoms through its decline.

While the price has bounced, the retest has yet to prove decisive, with technical indicators hanging in the balance.

The MACD line continues to trend sideways, crossing briefly above and below the signal line, while the Relative Strength Index (RSI) struggles to escape oversold conditions near 30.

A critical test now looms at the stubborn 20SMA resistance, which has suppressed upside attempts throughout March.

If DOGE breaks through this barrier, it could climb to retest the channel’s upper resistance around $0.293—a 75% gain from current levels, surpassing Lumen’s $0.20 target.

A breakout from the pattern would then set sights on a $0.50 price target, aligning with Lumen’s post-ETF projection and marking a 200% surge from current levels.

However, this outlook likely hinges on ETF approval with broader economic pressures looming large.

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