Market Participant Activity in Dogecoin Surges: Unprecedented Accumulation Over Two Days
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800,000,000 DOGE Bought in 2 Days: What Are Dogecoin Whales Preparing For?
Over the past two days, Dogecoin whales have gone on a massive accumulation spree, purchasing an astonishing 800 million tokens. This sudden and substantial increase in buying activity has sparked widespread speculation about what these large market participants might be preparing for.
Dogecoin whales are known to make significant moves during both bull and bear markets. For instance, they heavily invested in the asset after the US elections in 2023, which led to a meteoric rise from $0.15 to $0.5 within just a few months. However, their behavior was mixed in the following period, including substantial sell-offs that resulted in DOGE’s price plummeting to as low as $0.13 earlier this week.
Following the recent sales, these large market participants have dramatically shifted gears once again, purchasing an unprecedented amount of DOGE. In just 48 hours, they acquired over 800 million coins, which, at the current price of $0.16 per token, translates to a staggering $130 million in USD value.
Several users hypothesized that the whales might be gearing up for another rally fueled by potential approval of a Dogecoin ETF in the United States. As it stands now, Polymarket is predicting a 62% chance of such financial instruments being approved within the year’s end, with the probability decreasing to 22% when the deadline is set at July 31.
Some crypto analysts are also optimistic about DOGE’s future performance, forecasting an increase in value of up to three times its current price. If this prediction comes true, Dogecoin could potentially rise to and surpass $0.5 once again.
In related news, a prominent developer from the Dogecoin project recently warned users to be cautious when dealing with scammers posing as the project and promoting fake DOGE-related tokens.
Source: https://cryptopotato.com/800000000-doge-bought-in-2-days-what-are-dogecoin-whales-preparing-for/
