Dogecoin (DOGE) price has possibly reached its correction bottom. The leading memecoin, with a market cap of about $36.8 billion, gained 2% during the last 24 hours to reach its daily peak of about $0.2497 before retracting to trade around $0.2429 at press time.
Why Is the DOGE Price Up Today?
Technical Tailwinds
Dogecoin price rebounded today partially fueled by technical tailwinds. The dog-themed memecoin has been forming a rising wedge pattern since early April 2025.
Following the recent retrace towards 23 cents, after the crypto market recorded a $1.7 billion liquidation of leveraged trades, DOGE price retested the lower border of its rising wedge pattern. As such, Dogecoin price is well-positioned to consolidate like the two other times that it retested the lower border before rallying towards the upper border.
As Dogecoin price approaches the apex of the rising wedge pattern in the daily timeframe, a consistent close on either border will define the trend for the coming months.
Renewed Accumulation by Whale Investors
According to on-chain data analysis from Santiment, Dogecoin addresses with a balance of between 100 million and 1 billion coins have accumulated 2 billion DOGE units during the past two days. As such, this group of whale investors now holds a total of 29.16 billion DOGE coins.
Spot ETF Hype
Dogecoin price has also benefited from the hype surrounding the spot exchange-traded funds (ETFs). For instance, ETF data shows the recently approved REX – Osprey Dogecoin ETF, alias DOJE, has recorded more than $8.7 million in net cash inflows since September 18.
More spot DOGE ETFs are expected to be approved in the near future, especially after the U.S. SEC approved generic listing standards for spot crypto ETFs. Some of the fund managers seeking to offer spot DOGE ETFs include 21Shares, Bitwise, and Grayscale Investments.