Highlights
- Bloomberg analysts project a 75% chance of Dogecoin ETF approval by 2025.
- Despite bullish expectations, the Dogecoin price has struggled to break its current price range.
- Whale activity has decreased, impacting potential bullish momentum for DOGE.
Dogecoin price (DOGE) predictions for 2025 have sparked optimistic discussions among analysts and investors alike.
Social communities are abuzz with optimistic theories. Analysts are drawing parallels to past surges, while others are employing Elliott Wave Theory. There are even claims that a Dogecoin ETF, if approved, could prove to be a game-changer.
Recently, analyst Raoul Pal made headlines with his bold claim that DOGE crypto could potentially surpass Bitcoin. Pal even suggested that it might become the hardest money ever created.
Adding to the excitement, previously, the Bloomberg ETF analysts dropped a post on X, claiming a 75% chance of a Dogecoin ETF approval by 2025.
Even not so long back, the SEC officially recognized Grayscale’s filings for both XRP and Dogecoin ETFs, further intensifying speculation.
However, despite these bullish expectations, its price action this month has been disappointing. It has struggled in its current range, continuously declining in the past 30 days.
A month ago, it briefly rose but was pushed back from a high volume profile zone between $0.40 and $0.42.
Additionally, when writing, it had slipped below the dynamic support of the 200-day EMA. Amid this lackluster price movement, data indicates that whales have been sitting on the sidelines.
Keep reading to find out whether the Dogecoin price will rise again or will continue to fall.
Could Dogecoin Price Rise to $6 Despite Inactive Whales?
Despite experiencing a steep decline since the start of the year, the Dogecoin price has caught the attention of experts, with some predicting a remarkable increase to $6 by 2025.
One of the experts, known as “Doge Lord” identified an Elliott Wave structure that suggests an extensive upward trend for Dogecoin.
According to this analysis, the DOGE price is currently in the third stage of its pattern. The “Doge Lord” believes that the Elliott Wave pattern indicates a bullish trajectory for Dogecoin.
However, historical trends show that meme coins tend to thrive only under favorable market conditions. While, when writing, it seems not so much favorable with whales being inactive.
More recently, an on-chain data analyst, Ali Martinez, has shared some concerning insights regarding lack of bullish momentum.
He noted that whales have been largely inactive in DOGE crypto during recent volatility, showing minimal buying or selling activity, per the Santiment chart.
Few days back, he highlighted a drastic reduction of 88% active whales activity, suggesting that major holders are either decreasing their positions or reallocating their investments.
For Dogecoin to enter any bullish phase, increased participation from these whales is crucial.
Additionally, using Fibonacci analysis, it appears that the bearish movements have pushed the Dogecoin price into a key support region between the 0.618 and 0.5 Fibonacci levels. Under normal circumstances, demand is expected to emerge from this area.
However, if this support fails to hold, the DOGE price action could continue its downward trend.
Dogecoin ETFs Could be Approved as Soon as Next Week?!
The price action of Dogecoin closely mirrors the overall state of the cryptocurrency market. Fear, uncertainty, and doubt (FUD) have led to weak demand, but this could change in the near future.
Dogecoin ETFs could receive approval as early as next week. However, without official confirmation, investors should approach this news cautiously.
Despite the uncertainty, the sentiment surrounding Dogecoin ETF approvals is improving.
Polymarket effectively captures this shift in sentiment, showing a significant increase in expectations for ETF approvals in 2025.
At the beginning of the year, the likelihood of such approvals was estimated at just 27% for the DOGE crypto’s ETF. That figure has now surged to 75%, reflecting growing optimism in the market.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
