Dogecoin whales again captured noteworthy market attention on Saturday, reflecting a highly bullish sentiment despite broader market volatility. Recent on-chain data revealed that whales accumulated nearly 600 million Dogecoin, signaling a potential rally for DOGE price to $1. Further, in the wake of Grayscale’s new DOGE-backed Trust’s launch, investor sentiments surrounding the meme-themed asset have undergone a paradigm bullish shift.
Dogecoin Whales On Buying Spree Signal Bullish Move Ahead
In an X post by renowned crypto analyst Ali Martinez on February 1, it was spotlighted that Dogecoin whales purchased 560 million tokens in the past week. This massive buying signals heightened market confidence in the asset.
Source: Ali Charts, X
Notably, the analyst reveals that the buying spree follows an intense sell-off recently, thus flagging renewed interest among large-scale investors. As a response, broader market participants anticipate a bullish move ahead, primarily amid rising demand and buying pressure. Further, it’s also worth pointing out that CoinGape previously highlighted rising DOGE whale accumulations.
Grayscale’s New Trust Launch Solidifies Market Optimism
Meanwhile, the launch of Grayscale’s Dogecoin Trust has offered additional market support to the dog-themed meme crypto. The launch of a traditional financial investment product backed by a meme-themed asset paves the way for further money inflow into the crypto’s ecosystem.
Simultaneously, it’s also worth mentioning that asset management company Bitwise submitted S-1 filing for a DOGE ETF previously. Overall, these recent endeavors, pushing the meme coin as a traditional investment product, have cemented investors’ bullish outlook for the token.
Is Dogecoin To $1 Run Inevitable Amid Rising Whale Buying & Market Support?
At the time of reporting, DOGE price continued showcasing a sideways trading session, exchanging hands at $0.3277. The crypto’s 24-hour low and high were $0.3243 and $0.3407, respectively. Amid the abovementioned bullish news surfacing across the market, intraday trading volume for the asset rose by 36% to $1.57 billion.
Market watchers continue to anticipate further gains amid rising Dogecoin whale accumulations and broader developments. A recent Dogecoin price analysis by CoinGape revealed that the new Trust launch and ETF filing further amplify the token’s potential to hit $1. However, it’s worth mentioning that the coin must clear the $0.35 level promptly for further upside actions. The latest macroeconomic events, such as unchanged rates this FOMC and rising PCE inflation YoY, present the crypto market with uncertainty.
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