Dogecoin [DOGE] Classified as Collectible by the SEC, Whales Buy the Dip

The recent SEC ruling, classifying memecoins like Dogecoin [DOGE] as collectibles, has sent ripples through the memecoin space.

The U.S. Securities and Exchange Commission (SEC) has ruled that memecoins are legally viewed as “akin to collectibles” and not subject to securities regulations.

This decision, recently reported by CCNewsWire, has had a significant impact on the memecoin space, sparking a discussion on the future of these tokens.

Crypto whales make massive memecoin buys

Following the SEC ruling, major cryptocurrency whales have been engaging in significant buying activity, especially in Dogecoin [DOGE].

As reported by Benzinga, one whale executed an impressive $910 million buy in 48 hours, largely targeting DOGE.

This level of activity could indicate either a genuine shift in investment strategy or a potential speculative trend.

Memecoins: A viable asset class?

The memecoin market segment has experienced both periods of hype and volatility, with tokens like Shiba Inu [SHIB] and Floki garnering attention for their price movements.

However, the SEC ruling classifying memecoins as collectibles, rather than securities, could have implications for the taxation and legal status of these tokens.

The cryptocurrency industry is also witnessing a push for greater regulatory clarity, especially with the Biden administration creating a Crypto Task Force.

This decision by the SEC, to view memecoins as collectibles, aligns with President Donald Trump’s stance on reducing the agency’s role in governing crypto markets.

The SEC’s statement, though not carrying legal weight, is a significant development in the evolving landscape of digital assets.