Dogecoin Whales Scoop 560 Million Memecoins; New ATH Soon?

 
Rajpalsinh Parmar
Written By 
Rajpalsinh Parmar
January 31, 2025

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. 

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 Launches Dogecoin Trust

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. 

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

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Rajpalsinh Parmar
Written by Rajpalsinh Parmar

Rajpalsinh is a crypto journalist with over three years of experience and is currently working with CryptoNewsZ. Throughout his journey, he has honed skills like content optimization and has developed expertise in blockchain platforms, crypto trading bots, and hackathon news and events. He has also written for TheCryptoTimes, where his ability to simplify complex crypto topics makes his articles accessible to a wide audience. ionate about the ever-evolving crypto space, he stays updated on industry trends to provide well-researched insights. Outside of work, gaming serves as his stress buster, helping him stay focused and refreshed for his next big story. He is always eager to explore new blockchain innovations and their potential impact on the global financial ecosystem.