- A Bloomberg ETF expert hints that REX Shares may launch a Dogecoin ETF next week.
- DOGE whales have offloaded 200 million coins in 48 hours, sparking concerns about sustained bullish momentum.
- Technical indicators show consolidation between $0.208 and $0.223, with breakout levels critical for the next move.
- Price targets vary: $0.30 in the short-term, with some bold predictions pointing to $1 or even $5 if momentum builds.
- RSI remains neutral at 52.5, suggesting balanced momentum without a strong trend yet.
Dogecoin ETF Rumors Fuel $5 Price Speculation
Dogecoin (DOGE) is once again at the center of attention as speculation about a potential Dogecoin ETF launch gains traction. Bloomberg’s senior ETF analyst Eric Balchunas revealed that REX Shares may introduce a Dogecoin ETF under the 40 Act as early as next week.
This news has ignited massive price predictions across the crypto space, with targets ranging from $0.30 to $1—and even $5 if bullish momentum accelerates. However, this optimism comes with caution as whale activity has already started reshaping sentiment.
Also Read: Dogecoin ETF Decision Delayed as SEC Sets August 17 Deadline
Whales Offload 200 Million DOGE
On-chain data reveals that Dogecoin whales holding between 10M and 100M DOGE have sold 200 million tokens over the past two days. This sell-off introduces a bearish undertone, particularly as DOGE’s 24-hour trading volume has dropped 15%, signaling declining participation.
Currently, DOGE is trading at $0.216, showing a 0.82% recovery, but market watchers warn that continued whale exits could pressure prices further.
DOGE Price Action and ETF Hype
Despite low participation, Dogecoin continues to consolidate within a $0.208–$0.223 range. A breakout above the upper boundary could lead to a 10% rally toward $0.245, while a breakdown below support could drag DOGE back to $0.19.
The Supertrend indicator remains bearish, hovering above the price, while the RSI is neutral at 52.5. A move above 60 could confirm bullish strength, while a drop below 45 may trigger another sell-off.
ETF hype has introduced a fresh catalyst for DOGE, and if confirmed, it could attract institutional interest similar to Bitcoin and Ethereum ETFs. Still, the market must balance optimism with caution as whale activity continues to cast a shadow.
Can Dogecoin Reach $5?
The idea of DOGE hitting $5 may seem ambitious, but the memecoin has historically defied expectations. With a potential ETF approval, growing mainstream recognition, and strong community support, Dogecoin could achieve new heights—provided it secures strong catalysts and sustained momentum.
For now, the key levels to watch remain $0.208 support and $0.223 resistance. A decisive breakout could define DOGE’s trajectory in the weeks ahead.
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