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800,000,000 DOGE Bought in 2 Days: What Are Dogecoin Whales Preparing For?

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TL;DR

  • Dogecoin whales went on a massive accumulation spree in the past two days, scooping up over 800,000,000 tokens.
  • The question now arises whether they are preparing for a major rally, perhaps driven by encouraging news on the DOGE ETF front.

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.

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.

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.

Meanwhile, one of Dogecoin’s developers recently warned users to stay away from scammers impersonating the project and promoting fake DOGE-related tokens.

Příspěvek 800,000,000 DOGE Bought in 2 Days: What Are Dogecoin Whales Preparing For? se objevil jako první na CryptoPotato.

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