TL;DR
- Dogecoin whales accumulated over 800 million tokens in the past two days, sparking speculation about a potential rally.
- The accumulation spree may be driven by encouraging news on the DOGE ETF front, with a 62% chance of approval by the end of the year.
Dogecoin Whales: A Key Player in the Meme Coin’s Ecosystem
Dogecoin whales are a crucial part of the OG meme coin’s ecosystem, and they tend to make big moves during bull and bear markets. For instance, they went all in on the asset after the US elections, which helped it skyrocket from $0.15 to $0.5 within a couple of months.
However, they showed a mixed behavior in the next few months, including some substantial sell-offs. Naturally, DOGE’s price reacted, and it tumbled from the aforementioned peak to a low of $0.13 earlier this week.
After the most recent sales, these large market participants have turned the tables once again, beginning to accumulate substantial portions of the largest meme coin.
Past 48 Hours: A Massive Accumulation Spree
In the past 48 hours alone, they have purchased a whopping 800,000,000 coins. In terms of USD value, this stash equals almost $130 million, given DOGE’s current price of $0.16.
Social Media Speculation: Could DOGE ETF Approval Drive the Rally?
X users speculated that whales might be preparing for a further rally propelled by a potential approval of a Dogecoin ETF in the States. The landscape around such products has heated up lately, with numerous companies filing to launch exchange-traded funds tracking DOGE’s performance.
Polymarket shows a 62% chance of such financial vehicles getting approved in the States by the end of the year, but the percentages drop to 22% when the deadline is set at July 31.
Crypto analysts continue to be bullish on DOGE, predicting a significant increase in the following weeks of up to 3x, which would push it to and beyond $0.5.
Recent Development: Developer Warns Against Scammers
Meanwhile, one of Dogecoin’s developers recently warned users to stay away from scammers impersonating the project and promoting fake DOGE-related tokens.
Conclusion
In summary, Dogecoin whales have gone on a massive accumulation spree, purchasing over 800 million tokens in the past two days. This move has sparked speculation about a potential rally, which could be driven by a potential approval of a Dogecoin ETF in the States. While the future is uncertain, crypto analysts remain bullish on DOGE, predicting a significant increase in the coming weeks.
FAQs
- What is the significance of Dogecoin whales in the meme coin’s ecosystem?
- Why did Dogecoin whales go on a massive accumulation spree?
- What is the current price of Dogecoin?
- What is the predicted increase in Dogecoin’s price?
Dogecoin whales are a crucial part of the OG meme coin’s ecosystem, and they tend to make big moves during bull and bear markets.
The accumulation spree may be driven by encouraging news on the DOGE ETF front, with a 62% chance of approval by the end of the year.
The current price of Dogecoin is $0.16.
Crypto analysts predict a significant increase in the coming weeks of up to 3x, which would push it to and beyond $0.5.
