"Whales Accumulate 560M DOGE Amid ETF Buzz; Price Consolidates"

Dogecoin, the original memecoin, continues to draw interest from whales and institutions, particularly as speculation around Spot ETFs in the United States intensifies. Despite a 23% decline from its January highs of $0.43, whale entities have acquired 560 million DOGE tokens, indicating that large players have taken advantage of the recent price discount to add to their positions.

Analyst Ali Martinez noted that whales have accumulated 560 million Dogecoin in the past week following a significant sell-off, signaling renewed interest from large holders. Meanwhile, on the ETF front, Grayscale has joined Bitwise in exploring the possibility of converting its latest Dogecoin Trust into an ETF application. Grayscale's Head of Product and Research, Rayhaneh Sharif-Askar, commented that Dogecoin has matured into a potentially powerful tool for promoting financial accessibility.

However, top ETF experts like Nate Geraci and Bloomberg's James Seyffart have noted that Grayscale's plan to convert the Trust into a spot ETF could face challenges. Despite this, Polymarket's odds of a U.S. DOGE ETF by 2025 reached a record high of 58% before briefly retreating at press time. However, the positive update did not stir DOGE's movement on the price charts, as the memecoin has been consolidating between $0.30 and $0.40 since December.

A break below the demand area of $0.3 cannot be ruled out amid weak technicals and sentiment in the broader market ahead of the U.S. jobs report. However, a positive update on the macroeconomic front could potentially drive the price higher. As the market awaits further developments, investors and whales continue to monitor the situation closely.