Dogecoin (DOGE) has gained about 15% over the past week as whales reportedly piled into leveraged bets and analyst Trader Tardigrade floated a $3 target that skeptics dismiss.
Key Points:
- Whales reportedly opened about $9 million in long Dogecoin positions on Hyperliquid between Sept. 22 and Sept. 24.
- Spot Dogecoin ETFs posted their best week since January, even as Bitwise prepares to close its fund.
- A $3 price would push Dogecoin's market value above $500 billion, about 30 times its current size.
Dogecoin Whale Bets
Large holders opened roughly $9 million in long positions on Dogecoin through Hyperliquid between Sept. 22 and Sept. 24, derivatives data show. Five of those positions were already sitting on paper gains.
The token changed hands near $0.095 on Friday, roughly 15% above its level a week earlier. The weekly gains held up despite a rough Thursday session. Rising U.S. Treasury yields dragged Dogecoin down about 7% to just above 9 cents early that day, the steepest drop among major tokens.
Spot Dogecoin exchange-traded funds drew about $2.08 million in the week starting Sept. 21, their best week since January, according to SoSoValue figures. The Grayscale Dogecoin ETF did better still, taking in $2.68 million, its biggest weekly haul since its November 2025 launch.
Flows have dried up since Sept. 23, however, and Bitwise still plans to shut its own Dogecoin fund, with trading set to end Oct. 14.
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Trader Tardigrade's Target
Trader Tardigrade argues that Dogecoin is forming a double bottom on its weekly chart, a W-shaped pattern traders often read as a sign of a trend reversal. Once price clears the pattern's $0.46 neckline, he said, "the measured move projects to $3." His levels have shifted before, and in August he placed the neckline at $0.40 with a $5 target.
Skeptics say the math does not work, since the roughly 172 billion coins in circulation would be worth more than $500 billion at $3, about 30 times today's market value. That price would also sit about four times above Dogecoin's record of $0.7376, set on May 8, 2021.
Dogecoin's September swings show how quickly sentiment can turn. The coin traded near $0.084 when Bitwise announced its ETF closure on Sept. 10. It then jumped about 14% on Sept. 21 to reclaim $0.10 as a market-wide squeeze forced out short sellers, before giving back part of those gains this week.
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