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Dogecoin is showing interesting movements. A large amount of 295 million dollars worth of DOGE was transferred from Robinhood, but the price has continued to remain sluggish afterward. Even though whales are accumulating, for some reason, the upward movement is still heavy.
Attempted a breakout from the 12-hour descending triangle, but ultimately it rose to $0.0927 and then came back down. Currently, it's hovering around $0.088 to $0.093. It’s also possible that a retest of the support level could happen.
Whale accumulation is a bullish signal, but I’m concerned that the inflow into the Dogecoin ETF hasn't grown as much as expected. Compared to Bitcoin and Ethereum ETFs, institutional investor interest might still be limited. Until the Dogecoin ETF starts moving in earnest, this rally might also be difficult.