Dogecoin DOGE/USD surged to $0.25, marking a 3.11% gain in the past 24 hours and a 7.94% gain over the last week. The price move followed a $40 million sell-off by major whales, the launch of Dogecoin and Solana SOL/USD Bridge, and the SEC's delay in Dogecoin ETF approval.
According to Cryptopolitan, Dogecoin whales liquidated nearly $40 million in holdings, a sizeable move sparking caution. Whale Alert reported two large moves to an unknown wallet: one for 210 million DOGE and another for 50 million DOGE. The latest $40 million outflow adds to this recent pattern of sizable withdrawals.
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Blockchain developer, Psy, has introduced a bridge that links Solana Network with Dogecoin. Unlike the traditional bridges that rely on third-party custodians or multisignature signs, the innovative approach validates Dogecoin's proof of work consensus, reducing the risk on Solana and from bridge hacks.
The bridge captures Dogecoin block headers, which contain critical blockchain data such as previous block hashes, timestamps, difficulty targets, and Merkle roots, and verifies them on Solana.
When DOGE tokens are sent to the bridge, they are locked on the Dogecoin network, and an equivalent amount of QDOGE tokens are minted on Solana. Redeeming DOGE involves burning QDOGE on Solana, and using Wormhole's secure cross-chain messaging to release the original DOGE back to the user's Dogecoin address.
Per FXLeaders, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on Grayscale Investments’ DOGE ETF filing from March 2025. The delay, part of a broader review of over 70 crypto ETF applications, including those tied to Solana and Ripple XRP/USD, has stirred frustration among participants.
The SEC maintains that the extended timeline is necessary to ensure compliance with Section 6(b)(5) of the Exchange Act, which aims to prevent fraud and market manipulation.
The next decision window for the DOGE ETF is set for June. The SEC has clarified that this stage represents an additional analysis phase rather than an indication of any final stance. According to Polymarket, the odds of the DOGE ETF being approved before the end of July have dropped to 15%, reflecting a drop of 7% in just one day. The long-term outlook remains more optimistic with 2025 approval odds standing at 63%.
Technically, Dogecoin has recently formed a bull pennant pattern on the hourly chart, according to analyst Ali Martinez. It has initiated an upward move similar to the broader market action seen in Bitcoin BTC/USD and Ethereum ETH/USD after finding support near $0.2220.
The rally pushed DOGE past the $0.2350 and $0.2420 resistance zones, peaking at $0.2542 before a minor correction. Key resistance now stands at $0.2550 and $0.2680. If DOGE breaks out above $0.2680, a rally could follow to $0.280. The next major target is the $0.30 level if the upward rally holds.
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