Dogecoin whales have been making waves in the cryptocurrency market, with a significant accumulation of 560 million DOGE tokens. This substantial increase in holdings by large-scale investors has sparked speculation about an impending rally that could push the price of Dogecoin to $1.
On-chain data has revealed that these whales have been actively buying Dogecoin, indicating a strong bullish sentiment despite the market's volatility. Crypto analyst Ali Martinez highlighted this development in a recent post, noting that the buying surge comes after a recent sell-off. This renewed interest from large-scale investors suggests a shift in sentiment towards the meme asset.
The launch of Grayscale's DOGE-backed Trust has also contributed to this positive shift in investor sentiment. The new Trust, along with Bitwise's earlier filing for a DOGE ETF, further boosts the token's potential to reach the $1 milestone. As the market continues to evolve, investors and analysts alike are keeping a close eye on Dogecoin's progress.
