In the grand theater of the crypto cosmos, where fortunes are made and lost with the flick of a digital switch, Dogecoin (DOGE) has found itself the center of a curious spectacle. Whales, those enigmatic titans of the sea, have been busy amassing a staggering 560 million DOGE in mere days, as if preparing for a grand feast of digital delights.
Our astute oracle, the crypto analyst Ali, has observed this frenzy of accumulation following a tempestuous sell-off. The price of Dogecoin, once soaring to dizzying heights of $0.434 on January 18, has since taken a nosedive, much like a bird that forgot how to fly. 🦅
Ali suggests that this sudden surge in whale interest might be a harbinger of renewed optimism, perhaps inspired by the recent flurry of Dogecoin ETF filings. Ah, the sweet scent of hope wafting through the air, mingling with the aroma of freshly printed money!
Whales have accumulated 560 million #Dogecoin $DOGE in the past week following an intense sell-off, signaling renewed interest from large holders!
— Ali (@ali_charts) January 31, 2025
As the clock ticks, Dogecoin finds itself down 0.59% in the last 24 hours, now resting at $0.324. A slight profit-taking, perhaps? Or merely a moment of reflection in the face of recent inflation data that has left many scratching their heads in bewilderment.
According to the latest revelations, the personal consumption expenditures price index has leapt 2.6% year on year in December, while core PCE has risen 2.8%. Both figures, while in line with estimates, are far from the Fed’s elusive 2% target. It seems the inflation monster is alive and well, lurking in the shadows.
Just two days prior, the Fed, in a rare moment of unity, decided to keep its key interest rate at a steady 4.25%-4.5%, taking a breather from three consecutive cuts. A pause, they say, but one can’t help but wonder if it’s more of a deep breath before the plunge.
The cryptocurrency market, in its usual dramatic fashion, experienced a sell-off earlier this week as investors held their breath, awaiting the Fed’s rate announcement. Dogecoin, too, felt the sting, plummeting for three consecutive days to a low of $0.305 on January 27. A tragic tale, indeed!
Dogecoin Marks Big Week with ETF Filings
In a twist of fate, the once-dreaded Securities and Exchange Commission has donned a somewhat crypto-friendly guise. Asset managers, emboldened by this change, have unleashed a torrent of applications for spot ETFs, with Dogecoin taking center stage.
Eric Balchunas, the sage of ETF analysis at Bloomberg, reports that up to four Doge ETF filings are currently in the works. A veritable buffet of options for the discerning investor!
On Friday, the asset manager Grayscale unveiled a new trust, offering exposure to Dogecoin (DOGE) and filed a 19b-4 form to transform this trust into a bona fide spot ETF. A bold move, indeed!
Not to be outdone, on Tuesday, Bitwise tossed its hat into the ring, filing for a Dogecoin ETF. Meanwhile, investment managers Rex Shares and Osprey Funds have also joined the fray, submitting paperwork for crypto ETFs that include our beloved Dogecoin.
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- T PREDICTION. T cryptocurrency
2025-02-01 14:46