Why is Dogecoin (DOGE) price up today?

Dogecoin price has jumped by nearly 7.50% in the last 24 hours to reach $0.274 on Feb. 14, mirroring gains across most top-ranking cryptocurrencies.Key catalysts driving DOGE’s price higher include:Dogecoin’s exchange-traded fund (ETF) approval chances jump.Risk sentiment recovery.DOGE price technicals hint at a bullish reversal.SEC recognizes Dogecoin and XRP ETF filingsThe SEC has officially acknowledged Grayscale’s filings to launch spot XRP and Dogecoin exchange-traded funds (ETFs), marking the first step in the regulatory review process.Things to know:SEC’s acknowledgment marks the first step in the regulatory review process for potential spot XRP and Dogecoin ETFs.The agency now has up to 240 days to review and decide.The countdown begins once Grayscale’s filings are published in the SEC’s federal register, typically within a few days.If filed immediately, a final decision is expected by mid-October 2025.DOGE and XRP prices jumped after the ETF filings update.Crypto betting platform Polymarket sees a 66% possibility of a Dogecoin ETF approval in the US by Dec. 31, 2025.Moreover:In the past two weeks, the SEC has also acknowledged applications for Litecoin (LTC) and Solana (SOL) ETFs.The ongoing policy shift under the Trump administration is visible, with the SEC becoming more open to crypto-related listings.Crypto traders are reacting positively to these updates overall, given ETFs’ potential to attract institutional investors.Some analysts anticipate Dogecoin price to reach $1 amid the growing ETF euphoria.Trump’s tariff fears are fadingDogecoin’s gains are part of a broader rally in risk assets, fueled by strong stock market performance, easing trade tensions, and a more measured approach to tariffs under Trump’s administration.Key points:US stocks closed strongly on Feb. 13, setting a positive tone for Asian shares and cryptocurrencies like Dogecoin on Feb. 14.The US US Dollar Index has dropped 2.5% from its February high, indicating a waning risk-off sentiment.Market optimism is driven by speculation that negotiations over Trump’s proposed trade tariffs may reduce their overall impact.Howard Lutnick, Trump’s nominee for Commerce Secretary, stated that tariff proposals will be assessed on a country-by-country basis and could take until April to finalize.Analysts believe Trump’s gradual, country-by-country approach to tariffs allows for negotiation.Kyle Rodda, senior market analyst at Capital.com, noted that many tariffs may be softened or even abandoned, supporting market confidence.Dogecoin fishes and whales are accumulating in 2025Dogecoin supply among large address cohorts has increased notably in 2025, according to data tracked by Messari.Key takeaways:Addresses holding at least 1,000 DOGE now account for 147.58 billion DOGE compared to 147.07 billion DOGE at the year’s start.Addresses with 10,000 DOGE or more have grown their holdings from 145.02 billion to 145.53 billion DOGE.100,000+ DOGE addresses now control 139.83 billion DOGE versus 139.38 billion DOGE at the year’s beginning.The largest cohort (1,000,000+ DOGE) holds 130.70 billion DOGE compared to 130.27 billion DOGE on Jan. 1.The increasing supply among large holders signals growing institutional interest and high-net-worth investor activity.Today's DOGE price increase mirrors the trend in whale accumulation, reinforcing the impact of large holders on market movements.Dogecoin ascending triangle breakoutDogecoin’s gains today are part of a bullish reversal structure dubbed the ascending triangle.Key points:An ascending triangle at the end of a downtrend signals a potential bullish reversal.The pattern forms when buyers gradually push prices higher, creating a series of higher lows, while sellers hold firm at a key resistance level.Once resistance is broken, the pattern completes, and price action typically moves upward, often by a magnitude equal to the triangle's height.On Feb. 14, DOGE attempted a breakout from its ascending triangle pattern, surpassing the key resistance level at $0.269.Based on the triangle's height projection, the breakout suggests a potential price target of $0.3107.The relative strength index (RSI) at 66.42 indicates strong bullish momentum but is not yet overbought.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.