According to data trackers, Whales purchased around 560 million last week following an intense sell-off, which shows a renewed interest in the biggest memecoin. Despite this accumulation, DOGE plunged over 7% in the last 7 days, dropping its price from $0.35 to $0.33 with a market capitalization of $48.35 billion. However, a spike of 27.24% was observed in its daily trading volume, reflecting a growing on-chain activity.
Whales have accumulated 560 million #Dogecoin $DOGE in the past week following an intense sell-off, signaling renewed interest from large holders! pic.twitter.com/ObAVfqC9xi
— Ali (@ali_charts) January 31, 2025
KrissPax, a prominent crypto analyst, DOGE is expected to break out an ascending triangle. According to him, Both the Relative Strength Index (RSI) and trading price of $DOGE point to a breakout over $0.34 and then higher.
Grayscale Investments has introduced the Grayscale Dogecoin Trust, which will provide institutional investors with exposure to DOGE. The launch shows a growing interest in memecoins beyond retail investments.
We are proud to announce a new single-asset crypto investment fund, Grayscale Dogecoin Trust $DOGE.
much wow, big excite
Available to eligible accredited investors.
Read the press release: https://t.co/tV5TC8uoHV pic.twitter.com/cqqJxVRkIC
— Grayscale (@Grayscale) January 31, 2025
DOGE operates on a decentralized network with lower computational demands than Bitcoin and an unlimited supply, making it unique among digital assets. The new fund’s launch could enhance DOGE’s credibility and attract institutional investments.
The launch comes amid a resurgence in the memecoin following the introduction of new crypto investment products, including ETFs for DOGE, TRUMP, and BONK. Grayscale’s decision to expand its suite of crypto investment vehicles suggests a strategic bet on memecoin’s long-term viability. If institutional demand rises, DOGE’s liquidity and market stability may improve, which possibly influences its price.
Also Read: Dogecoin Price Eyes Major Breakout Amid Grayscales New Launch