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

TL;DR

Dogecoin whales have recently accumulated over 800,000,000 DOGE tokens in the past two days. This significant purchase raises questions about their intentions, with speculation focusing on a potential price rally.

Dogecoin whales are key players in the Dogecoin ecosystem, significantly influencing price movements during both bull and bear markets. Their previous actions demonstrate this influence; for example, significant purchases post-US elections contributed to a price surge from $0.15 to $0.5 within a short period. Subsequent mixed behavior, including sell-offs, led to a price drop to $0.13 earlier this week.

However, a recent shift in whale activity shows a renewed accumulation of 800,000,000 DOGE in the last 48 hours, representing approximately $130 million at the current price of $0.16.

This activity has fueled speculation on social media platforms like X, with users suggesting that whales may be anticipating a price rally driven by potential approval of a Dogecoin ETF in the United States. Several companies have recently filed applications for DOGE-tracking ETFs.

Polymarket currently estimates a 62% chance of US approval for such ETFs by the end of the year, although this probability decreases to 22% if the deadline is set for July 31st.

Crypto analysts maintain a bullish outlook on DOGE, predicting a potential price increase of up to 3x in the coming weeks, potentially pushing the price beyond $0.5.

Separately, a Dogecoin developer recently issued a warning to users about scammers promoting fraudulent DOGE-related tokens.

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