Dog-themed cryptocurrency Dogecoin (DOGE) has seen massive accumulation of 530 million coins

Dog-themed cryptocurrency Dogecoin (DOGE) has seen a massive accumulation of 530 million coins in just 72 hours, signaling strong whale interest despite recent price volatility.

Cryptocurrency markets saw a fresh sell-off on Friday as investors assessed several macroeconomic concerns ahead of the PCE report, a key inflation reading and the week’s most anticipated data point.

Almost all cryptocurrencies in the top 100, except stablecoins, fell, with some dropping by up to 15%.

Dogecoin price fell more than 13% to reach an intraday low of $0.181, extending its decline since the beginning of the week.

The cryptocurrency is now trading at $0.1867, down 11% over the last 24 hours and 27% over the last seven days.

So far this week, Dogecoin has closed lower for three out of five days, and it fell further on Monday as the market crash saw it move below the daily SMA 200 support at $0.241.

Dogecoin had bounced off this support on Friday, but sellers quickly stepped in to push prices lower.

The next major support level for Dogecoin is at the 50% Fibonacci retracement level of the recent rally from the March lows to the August highs at $0.11.

If the sellers can break this support, then Dogecoin could continue to fall to the next major support level at the 38.2% Fibonacci retracement level at $0.07.

On the other hand, if the buyers can regain the SMA 200 support, then Dogecoin could rise to the next major resistance level at the 61.8% Fibonacci retracement level at $0.33.

The PCE price index is expected to rise 3.9% year-over-year in January, slowing from 4.3% in December, according to economists polled by Dow Jones. The core PCE price index, which excludes volatile food and energy components, is expected to rise 3.3% year-over-year, in line with the December reading.

The PCE price index is the Federal Reserve's preferred measure of inflation.

An indication of persistent sticky inflation could keep pressure on the Fed to continue hiking interest rates, which in turn could bode poorly for risk-sensitive cryptocurrencies.

In other news, the SEC has issued guidance stating that meme coins are not securities but rather collectibles, in positive news for the cryptocurrency industry.

The SEC said in its statement that the offer and sale of meme coins do not constitute an investment in an enterprise or with a reasonable expectation of gains from the entrepreneurial or management efforts of others.

The SEC provides reasons supporting this claim: first, meme coin purchasers are not investing in an enterprise. That is, their funds are not pooled together to be deployed by promoters or other third parties for developing the coin or a related enterprise.

Second, any expectation of profits that meme coin buyers have is not derived from the efforts of others. That is, the value of meme coins is derived from speculative trading and the collective sentiment of the market, like a collectible.