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During the last 24 hours, Dogecoin whales’ cryptocurrency accumulation dramatically increased with the purchase of one billion DOGE. The deal, estimated to be worth about $200 million, has significantly boosted their portfolio. The circulation of Dogecoin now is almost 50% under the control of these whale wallets, which amounts to around 72.64 billion DOGE.
Such a concentration of supply can affect the liquidity of DOGE within the open market. In case the demand remains constant or rises, a lower supply may work in favor of the price to go up.
Various financial companies, such as Bitwise, Rex Shares, and 21Shares, have already expressed interest in introducing a Dogecoin spot ETF. This evolution may represent the next phase in the implementation of Dogecoin, both among retail and institutional investors. According to data on the prediction market platform Polymarket, there are now odds of over 74% of ETFs passing before the end of 2025, up from 56% on August 3.
This increased likelihood can be one of the reasons behind the whales' strategic purchase. Investors may be gearing up in anticipation of a price rally due to a positive regulatory call. If the SEC approves the Dogecoin ETF, it may enhance the coin's visibility and reputation for legitimacy.
The whale movement keeps traders and market analysts divided on the future short-term price movement of DOGE. The opinion of a trader named Marcus Corvinus on X was based on the fact that he referred to the bullish technical patterns and is sure that DOGE will reach 0.50 within the next several months.
Meanwhile, another X user, Astekz, has reported a bearish attitude, forecasting a 20% short-term jump, then a sharp drop. This point of view shows the general uncertainty towards the asset, despite the growing whale holding and swelling ETF speculations. Markets continue to monitor the regulatory and investor sentiments that will influence the next possible step for Dogecoin.
Also Read: Dogecoin News Today: Crypto Liquidations Hit $751M as DOGE Drops Below $0.20
