Dogecoin is once again in the spotlight, driven this time by the activity of major investors rather than retail traders. The chances of ETF approval and technical indicators are under discussion.
Whales and Market Activity
On April 14, Dogecoin whales purchased over 800 million tokens, injecting nearly $128 million into the meme coin. Bloomberg analysts estimate a 75% chance of a Dogecoin ETF approval by 2025. The SEC views DOGE more as a commodity than a security, which could facilitate its institutional acceptance. Elon Musk continues to publicly support Dogecoin, highlighting its uniqueness among other meme coins.
Price Forecast for Dogecoin
From a technical perspective, Dogecoin shows signs of a potential rebound. On the daily chart, there is a divergence between the price movement and the RSI, which may indicate a loss of downward pressure. However, DOGE is still below a key trendline, which could hinder further growth. Currently, the price sits around $0.7325.
Dogecoin vs PEPE
While DOGE may be gearing up for a rally, many investors are turning towards smaller and more volatile meme coins like PEPE. This coin quickly gained popularity due to its high returns and active developer support. PEPE offers more growth potential than Dogecoin, which is unlikely to deliver the same profit levels due to its large market cap.
Dogecoin is back in the spotlight due to interest from major investors and expected market changes. However, other meme coins like PEPE may offer more attractive investment opportunities in volatile conditions.
