In recent years, Dogecoin (DOGE) has gained significant attention due to its active community and celebrity influence. In mid-May 2025, the number of active DOGE addresses surged by 528%, from 74,640 to 469,477, indicating a substantial increase in network usage.

1. Whale accumulation dynamics

• Large holders increase their holdings: Data at the end of May shows that wallets holding 1–10 billion DOGE increased from 22.8B to 26.5B DOGE, indicating that large holders continue to enter the market at low levels.
• Capital flow: Whales are heavily buying in the price range of $0.22–$0.23, aiming to drive the next breakout.

2. Spot ETF Progress

• 21Shares DOGE ETF: The SEC has confirmed that it has received 21Shares’ application for a spot DOGE ETF, which, if approved, will significantly increase institutional allocation demand.
• Market expectations: Several institutions predict that net inflows in the first month after ETF approval may exceed $1B, providing strong support for DOGE.

3. Market Sentiment and Indicators

• OI Weighted Funding Rate: According to Coinglass data, the funding rate for DOGE is +0.0094%, reflecting that the buying interest from bulls is higher than that from bears.
• Fear & Greed Index: The current reading is 71 (Greed), indicating that the market is in an optimistic state, but it is also important to be cautious of short-term pullback risks.

4. Investment Advice

• Buy on dips in batches: You can accumulate in batches in the $0.21–$0.22 range to lower the cost of building your position.
• Target and Stop Loss: For the medium to long term, pay attention to the phased resistance at $0.35–$0.45; if it drops below $0.20, it is recommended to stop loss in a timely manner to control risk.