Dogecoin (DOGE) Whales Accumulate 560 Million DOGE, Signaling Renewed Interest

Dogecoin (DOGE) has experienced significant whale activity in recent days, with large holders accumulating 560 million DOGE in the past week.

Dogecoin (CRYPTO: DOGE) has seen large holders, or whales, accumulate 560 million DOGE in the past week.

What Happened: Crypto analyst Ali highlighted the large accumulation of Dogecoin by whales.

The move comes after an intense sell-off, with Dogecoin’s price declining from highs of $0.434 on Jan. 18.

The price of DOGE at the time of writing was down 0.59% in the past 24 hours at $0.324.

Dogecoin price action over the past seven days, via CoinMarketCap.

The price of Dogecoin has declined from highs of $0.434 on Jan. 18.

The cryptocurrency showed slight losses in the past 24 hours, reflecting minor profit-taking in the markets.

The losses come amid the release of the latest inflation data, which showed the personal consumption expenditures price index jumping 2.6% year-over-year in December.

Core PCE rose 2.8%, both in line with estimates but significantly above the Federal Reserve’s 2% objective.

The data comes two days after the Fed voted unanimously to keep its key interest rate at 4.25%-4.5%, taking a pause from three consecutive decreases totaling a full percentage point.

The cryptocurrency market had experienced a sell-off earlier this week as investors awaited the Fed’s rate announcement.

Dogecoin was among the cryptocurrencies taking a hit, falling three days in a row and reaching lows of $0.305 on Jan. 27.

See More: Best Cryptocurrency Scanners

Dogecoin Marks Big Week With ETF Filings: In other news related to Dogecoin, several asset managers have filed for crypto-related exchange-traded funds (ETFs) following the Securities and Exchange Commission opening up applications for spot ETFs.

Eric Balchunas, senior ETF analyst for Bloomberg, highlighted the filings, including up to four Doge ETF filings at present.

On Friday, Grayscale launched a new trust that provides exposure to seven digital assets, including DOGE, and also filed a 19b-4 form to convert the Trust into a proper spot ETF.

On Tuesday, asset manager Bitwise applied for a Dogecoin ETF.

The filings also included crypto ETFs for Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), among other digital assets.

Investment managers including Rex Shares and Osprey Funds also filed paperwork for crypto ETFs, which included Dogecoin.