Dogecoin, Buying Explodes on SpaceX Listing Hopes...Did Whales Know First?

▲ Dogecoin (DOGE)

Expectations for a price rebound have grown as large holders of Dogecoin (DOGE) accumulated 525 million DOGE over 96 hours. Amidst SpaceX's application for an initial public offering (IPO) and Elon Musk's influence once again emerging as a market variable, analysis suggests that Dogecoin could rise to $0.15.

CoinGape reported on May 22 (local time) that Dogecoin was trading at $0.105, down 0.07% over 24 hours. Dogecoin had risen by 25% over eight weeks until May 11, but its upward trend stalled after reaching $0.118. However, large holders bought 525 million DOGE during this period.

Analyst Ali Charts revealed that large holders purchased over 500 million DOGE in 96 hours, and their holdings reached 18.93 billion DOGE. With a total Dogecoin supply of 170 billion, whales effectively bought 0.34% of the total supply in four days. Based on a price of $0.105, the value of their 18.93 billion DOGE holdings was calculated at $1.99 billion.

Funds also flowed into Dogecoin spot ETFs. According to SoSoValue, Dogecoin spot ETFs recorded an inflow of $2.15 million in May 2026 alone. This is the highest level since February 2026, and net assets increased to $14.85 million. CoinGape suggested that the increase in ETF inflows and whale accumulation in May might be related to SpaceX's IPO application.

The chart structure was also presented as a factor supporting potential upward movement. Dogecoin fell from $0.11 on February 2 to $0.08 on March 2, then rose again to $0.118 on May 11. After that, the upward trend stalled around $0.112, and bearish forces pushed the price down, but a rounding bottom pattern appeared on the weekly chart.

CoinGape analyzed that if Dogecoin surpasses its current resistance level of $0.112, it could rise by 40% to $0.15. However, an RSI of 42 indicates that bearish momentum remains, and the $0.15 upward scenario would only be possible if buying pressure re-enters and pushes Dogecoin above $0.112.

Bullish positioning was also observed in the derivatives market. According to CoinGlass data, Dogecoin's weighted funding rate rose to 0.0088% on May 21. This is the highest level since April 28. This funding rate indicates that more traders are betting on Dogecoin rising towards $0.15, as indicated by the rounding bottom pattern, rather than falling below $0.10.

CoinGape stated that SpaceX's IPO is scheduled for June, and the price could react due to Musk's influence on Dogecoin. If the bearish forces' grip weakens and buying pressure reclaims the $0.112 resistance level, Dogecoin's $0.15 upward scenario could gain momentum again.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*