Dogecoin Whales Accumulate 560 Million DOGE; Rally To $1 Imminent?

Dogecoin whales grabbed attention on Saturday, showing strong bullish sentiment despite market volatility. Recent on-chain data revealed they accumulated 560 million DOGE, hinting at a potential rally to $1. In a latest X post, crypto analyst Ali Martinez highlighted the development. Moreover, the launch of Grayscale’s DOGE-backed Trust has sparked a shift in investor sentiment, making it more positive toward the meme asset. The analyst notes that the buying surge comes after a recent sell-off, which shows renewed interest from large-scale investors. The new Trust launch and ETF filing further boosts the token’s potential to hit $1. At the same time, Bitwise has also filed an S-1 for a DOGE ETF earlier.