A significant surge in Dogecoin (DOGE) accumulation activity has once again captured the attention of the crypto market.
Renowned on-chain analyst Ali Martinez shared that whales, large investors with significant volumes, have purchased approximately 310 million DOGE in just the past 24 hours. This massive movement indicates growing institutional and speculative interest in the oldest meme coin.
DOGE derivatives show bullish bias as spot volume surges
Data from derivatives platform CoinGlass reinforces the signal of intense market activity. DOGE trading volume rose sharply by 16.18%, reaching $7.18 billion. However, open interest decreased slightly by 1.18% to $3.72 billion, indicating that some open positions have been closed.
Meanwhile, DOGE options volume plummeted by 79.38% to $86.75 million, indicating that traders are starting to avoid complex derivatives and returning to spot and futures as their primary avenues.
The long/short account ratio for the DOGE/USDT pair on Binance also signals a dominant bullish trend. Currently, the ratio stands at 3.5025, indicating that traders holding long positions significantly outnumber short positions. This implies market confidence that the price of DOGE has the potential to rise in the near future.
Furthermore, from a fundamental perspective, positive sentiment is also being strengthened by the potential approval of a Dogecoin ETF by the SEC.
According to data from CoinMarketCap, the US Securities and Exchange Commission could give the green light for a DOGE ETF in October 2025, provided Coinbase’s Dogecoin-based derivatives product passes market oversight requirements.
Several major names, such as 21Shares, Grayscale, and Rex Shares, have submitted ETF proposals and are currently awaiting the outcome. Meanwhile, Polymarket notes the approval odds are at 51%, making this a highly open bet.
On the corporate side, a similar approach to Strategy is now being applied to DOGE. Bit Origin, a Nasdaq-listed company, has launched a $500 million Dogecoin-specific treasury fund. This fund aims to accumulate significant amounts of DOGE as part of a long-term strategy.
The total DOGE held by Nasdaq-listed companies has now reached 40.5 million DOGE, equivalent to $8.9 million. However, concerns remain about DOGE’s inflationary supply, given that approximately 5 billion new coins are minted annually.
With whale accumulation, potential ETFs, and public institutional support, Dogecoin is once again in the market spotlight.