A long-dormant Dogecoin (DOGE) wallet has stirred after nearly two years, moving a significant amount of assets amid speculation over a possible spot exchange-traded fund (ETF) for the token.
On-chain analysis shows that the wallet transferred over 10.3 million DOGE, worth about $2.25 million, after sitting inactive for almost two years, according to data from Arkham, retrieved by Finbold on September 7.
Dogecoin ETF speculation
The transfer, involving cryptocurrency exchange Binance, has fueled speculation that whales may be positioning themselves ahead of the first Dogecoin ETF.
Notably, the REX-Osprey Dogecoin ETF, trading under the ticker DOJE, has received an effective date of September 9, 2025.
Structured under the Investment Company Act of 1940, the product sidesteps the more contentious spot ETF approval process. Instead of holding DOGE directly, the fund will gain exposure primarily through derivatives such as swaps and futures, alongside a portion in cash and other assets.
At the same time, the Securities Exchange Commission (SEC) is considering new listing standards that could streamline approvals for single-asset crypto ETFs. If adopted later this month, the rules could open the door to additional products tied to tokens like Solana and XRP.
DOGE price analysis
As of press time, DOGE was trading at $0.22, up 2.5% in the last 24 hours, and about 3.5% higher over the past week.
On the technical front, Dogecoin’s short-term outlook shows mixed but slightly bullish signals. The 50-day simple moving average (SMA) sits at $0.224, just above the current price, signaling near-term resistance before confirming stronger upside momentum.
However, the longer-term 200-day SMA stands at $0.198, keeping DOGE above its broader trend support and hinting at sustained bullish momentum.
Meanwhile, the 14-day RSI at 47.82 indicates neutral conditions, neither overbought nor oversold, suggesting DOGE still has room to move in either direction without being technically stretched.
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