Dogecoin "whales" have purchased over 300 million DOGE tokens in the past week. This indicates that long term investors are feeling more confident. Meanwhile, short term holders are leaving the market, often selling at a loss after the recent market correction.
Dogecoin On-chain Platform Remains Strong
According to on-chain data, only 9% of Dogecoin investors who bought in the last 30 days are making a profit. This decline indicates that many short term traders are selling off their coins. This sell-off event was detected a few days ago, with approximately 271 million DOGE being sold at a loss.
Notably, this sell-off occurred due to price fluctuations, leading to what experts call a forced asset transfer to stronger investors. "Whales" holding between 100 million and 1 billion DOGE purchased over 330 million DOGE at a discount. This raised their total holdings of DOGE to 26.73 billion.
Data also shows that the on-chain fundamentals of Dogecoin remain solid, even as daily investor interest wanes. Key metrics such as network activity, trading volume, and wallet growth remain stable, indicating that long-term investors are preparing for future growth.
Dogecoin ETF May Be Coming Soon
There is no doubt that the meme coin inspired by dogs has witnessed numerous strong price increases over the years. Recently, Grayscale Investments has submitted a proposal to launch an ETF (exchange-traded fund) that tracks the price of the DOGE memecoin.
If the regulatory agency approves the submitted proposal, investors will be able to access this proposal in a regulated manner through traditional stock exchanges.
This will help Dogecoin gain a larger position in the mainstream cryptocurrency market. Meanwhile, Grayscale revealed that they will rename Grayscale Dogecoin Trust to Grayscale Dogecoin Trust ETF.
According to TheCoinRise, the shares of the new Digecoin fund will be listed on NYSE Arca under the code GDOG. However, this proposal is still awaiting approval from the (SEC).
The Strategic Role of Dogecoin
Dogecoin, created in 2013 as a lightweight payment system by software engineers Billy Markus and Jackson Palmer, has grown to become the eighth largest cryptocurrency by market capitalization.
Remember that the pork processing company has successfully transformed into the Bitcoin mining company Bit Origin, based in China, which has officially implemented a cryptocurrency treasury strategy by purchasing 40.5 million Dogecoin.
This marks an important turning point in the company's evolving business direction. The CEO of Bit Origin, Mr. Jiang, stated that the decision to use Dogecoin as the company's treasury is due to the fact that this coin is approaching the "inflection point" for micro-payments. This is driven by the renewed interest from developers and the broader momentum of organizations towards cryptocurrency.
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Dogecoin Whales Accumulate More as Short-term Holders Sell at a Loss
Dogecoin "whales" have purchased over 300 million DOGE tokens in the past week. This indicates that long term investors are feeling more confident. Meanwhile, short term holders are leaving the market, often selling at a loss after the recent market correction. Dogecoin On-chain Platform Remains Strong According to on-chain data, only 9% of Dogecoin investors who bought in the last 30 days are making a profit. This decline indicates that many short term traders are selling off their coins. This sell-off event was detected a few days ago, with approximately 271 million DOGE being sold at a loss. Notably, this sell-off occurred due to price fluctuations, leading to what experts call a forced asset transfer to stronger investors. "Whales" holding between 100 million and 1 billion DOGE purchased over 330 million DOGE at a discount. This raised their total holdings of DOGE to 26.73 billion. Data also shows that the on-chain fundamentals of Dogecoin remain solid, even as daily investor interest wanes. Key metrics such as network activity, trading volume, and wallet growth remain stable, indicating that long-term investors are preparing for future growth. Dogecoin ETF May Be Coming Soon There is no doubt that the meme coin inspired by dogs has witnessed numerous strong price increases over the years. Recently, Grayscale Investments has submitted a proposal to launch an ETF (exchange-traded fund) that tracks the price of the DOGE memecoin. If the regulatory agency approves the submitted proposal, investors will be able to access this proposal in a regulated manner through traditional stock exchanges. This will help Dogecoin gain a larger position in the mainstream cryptocurrency market. Meanwhile, Grayscale revealed that they will rename Grayscale Dogecoin Trust to Grayscale Dogecoin Trust ETF. According to TheCoinRise, the shares of the new Digecoin fund will be listed on NYSE Arca under the code GDOG. However, this proposal is still awaiting approval from the (SEC). The Strategic Role of Dogecoin Dogecoin, created in 2013 as a lightweight payment system by software engineers Billy Markus and Jackson Palmer, has grown to become the eighth largest cryptocurrency by market capitalization. Remember that the pork processing company has successfully transformed into the Bitcoin mining company Bit Origin, based in China, which has officially implemented a cryptocurrency treasury strategy by purchasing 40.5 million Dogecoin. This marks an important turning point in the company's evolving business direction. The CEO of Bit Origin, Mr. Jiang, stated that the decision to use Dogecoin as the company's treasury is due to the fact that this coin is approaching the "inflection point" for micro-payments. This is driven by the renewed interest from developers and the broader momentum of organizations towards cryptocurrency.