Whales Buy $910M Dogecoin as SEC Classifies Memecoins as Collectibles

The U.S. Securities and Exchange Commission's (SEC) recent ruling has sparked a wave of activity in the memecoin market, with Dogecoin (DOGE) at the forefront. The SEC classified memecoins as collectibles, exempting them from securities regulations, which has led to a surge in whale activity. In the past 48 hours, over $910 million worth of Dogecoin has been bought by crypto whales, signaling a potential shift in the market.

This massive purchase comes as Dogecoin trades near its February lows, suggesting that large holders may be positioning for a potential rebound. Historically, DOGE whales have accumulated into weakness before major rallies, and the current trend mirrors similar accumulation phases seen in late 2024. On-chain data confirms that transactions over $100K and $1M spiked, reinforcing confidence among high net-worth investors.

Technical indicators also point to a possible shift in momentum. The Relative Strength Index (RSI) is at 34.03, nearing oversold territory, which often precedes a price recovery. The On-Balance Volume (OBV) remains steady at 45.62 billion, indicating that selling pressure has not intensified. If Dogecoin can reclaim $0.22, a rally toward $0.25-$0.30 is likely. However, failure to hold support could send prices toward $0.18-$0.16.

The SEC's latest ruling adds complexity to memecoins' trajectory, but whale accumulation suggests sustained investor confidence. Regulatory clarity could either validate memecoins as speculative assets or impose restrictions that curb their rise. If frameworks favor compliance, institutional interest may grow, pushing memecoins toward broader adoption in e-commerce, gaming, and entertainment as collectibles or rewards. However, increased oversight could stifle their volatility-driven appeal.

Memecoins remain community-driven, with retail enthusiasm shaping their value. Whether they thrive will depend on how well they balance speculation with real-world utility. If developers and projects integrate memecoins into sustainable ecosystems, they could transition from mere hype assets to legitimate financial instruments in the evolving digital economy.