Dogecoin (DOGE) whales have bought over 300 million DOGE tokens in the past week. This indicates that long-term investors feel more confident. At the same time, short-term holders are leaving the market, often selling at a loss after the recent market correction.
According to on-chain data, only 9% of Dogecoin investors who bought in the last 30 days are making a profit. This drop indicates that many short-term traders are selling their coins. This capitulation event was discovered some days ago, with approximately 271 million DOGE sold at a loss.
Notably, this selling is happening due to price fluctuations, leading to what experts call a forced transfer of wealth to stronger investors. Whales with between 100 million and 1 billion DOGE purchased over 330 million DOGE at a discount. This raised their total holdings to 26.73 billion.
The data also shows that Dogecoin’s on-chain fundamentals are still strong, even as interest from everyday investors declines. Key measures like network activity, transaction volume, and wallet growth remain steady, indicating that long-term investors are preparing for a future increase.
There is no doubt that the original dog-themed memecoin has seen numerous hype-driven rallies over the years. Recently, Grayscale Investments filed a proposal to launch an exchange-traded fund (ETF) that will track the price of DOGE memecoin.
If regulators approve the submitted proposal, it would allow investors to access it in a regulated way through traditional stock exchanges.
This would give Dogecoin a bigger place in the mainstream crypto market. Meanwhile, Grayscale revealed that it is renaming its Grayscale Dogecoin Trust to the Grayscale Dogecoin Trust ETF.
As reported by TheCoinRise, shares of the new Digecoin fund are set to be listed on NYSE Arca under the symbol GDOG. However, the proposal is still pending the U.S. Securities and Exchange Commission (SEC) approval.
Dogecoin, created in 2013 as a lighthearted payment system by software engineers Billy Markus and Jackson Palmer, has evolved to become the eighth-largest cryptocurrency by market capitalization.
Recall that China-based pork processor turned Bitcoin miner Bit Origin has officially launched its crypto treasury strategy by purchasing 40.5 million Dogecoin.
This marked a significant pivot in its evolving business direction. Bit Origin’s CEO Jiang stated that the decision to adopt Digecoin for its treasury was due to the token nearing an “inflection point” for micropayments. This is driven by renewed developer interest and broader institutional momentum toward tokenization.
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By TheCoinrise
about 10 hours ago
