560 Million Dogecoin in Days: What’s Happening?

Dogecoin (DOGE) has experienced significant whale activity in recent days, with large holders accumulating 560 million DOGE in the past week.

According to crypto analyst Ali , whales have accumulated 560 million Dogecoin (DOGE) in the past week following an intense sell-off; Dogecoin’s price has steadily declined since Jan. 18 after reaching highs of $0.434.

The move, according to Ali, signals renewed interest from large holders. This might have been contributed to by the recent optimism stemming from Dogecoin ETF filings this week.

At the time of writing, Dogecoin was down 0.59% in the last 24 hours to $0.324, reflecting slight profit-taking in the markets amid recent inflation data release.

According to inflation data published on Friday, the personal consumption expenditures price index jumped 2.6% year on year in December, while core PCE rose 2.8%, both in line with estimates but significantly above the Fed's 2% objective.

The data comes two days after the Fed voted unanimously to keep its key interest rate at 4.25%-4.5%, taking a pause from three consecutive decreases totaling a full percentage point.

The cryptocurrency market had experienced a sell-off earlier this week as investors awaited the Fed's rate announcement. Dogecoin likewise took a hit, plunging three days at a stretch and reaching lows of $0.305 on Jan. 27.

Dogecoin marks big week with ETF filings

With a now somewhat crypto-friendly Securities and Exchange Commission, asset managers have launched a flurry of applications for spot ETFs covering major cryptocurrencies, including Dogecoin.

Eric Balchunas, senior ETF analyst for Bloomberg, reports up to four Doge ETF filings at present.

On Friday, asset manager Grayscale launched a new trust that provides exposure to Dogecoin (DOGE) and also filed a 19b-4 form to convert the Trust into a proper spot ETF.

On Tuesday, asset manager Bitwise threw its hat into the ring, filing for a Dogecoin ETF. Investment managers Rex Shares and Osprey Funds also filed paperwork for crypto ETFs, including Dogecoin.