Large Dogecoin Holders Acquire 560 Million DOGE Tokens Amid Surging ETF Speculation
As speculation surrounding a potential Spot ETF in the United States intensifies, Dogecoin [DOGE], the original memecoin, continues to attract interest from whales and institutional investors alike.
Despite a notable 23% decline from its peak of $0.43 in January, large entities have seized the opportunity to accumulate 560 million DOGE tokens. This accumulation suggests a renewed interest from significant holders and investors.
“Within the past week, whales have amassed 560 million #Dogecoin $DOGE amidst a notable market sell-off, indicating a resurgence in interest from major stakeholders!”
Grayscale Considers DOGE ETF
Amid the ETF developments, Grayscale has shown interest in potentially converting its Dogecoin Trust into an ETF, following Bitwise’s similar move. Rayhaneh Sharif-Askar, Grayscale’s Head of Product and Research, emphasized the potential of Dogecoin to enhance financial accessibility.
“Dogecoin has evolved into a potent tool for promoting financial inclusivity. As a faster, more cost-effective, and scalable variant of Bitcoin, Dogecoin is facilitating the participation of underserved groups in the financial ecosystem.”
Despite the intentions for conversion, experts like Nate Geraci and James Seyffart cautioned that the Trust could transition into a spot ETF.
Following this update, the likelihood of a U.S. DOGE ETF by 2025, as per Polymarket’s data, surged to a peak of 58%, before experiencing a slight retreat. It is important to highlight that this favorable development did not significantly impact DOGE’s price movement, as the memecoin has been trading within the $0.30 to $0.40 range since December.
Considering the current weak technicals and market sentiment ahead of the U.S. jobs report, a potential drop below the $0.30 support level cannot be discounted. Nevertheless, positive macroeconomic news could propel DOGE towards $0.40 or beyond.