Dogecoin (DOGE) Whales Improve Accumulation as Grayscale Investments Considers New Itemizing

Dogecoin (DOGE) has joined the broad market mini-rally to stage a 7.56% surge within the final seven days and a 2.5% surge within the final 24 hours.

Dogecoin (DOGE) has joined the broader market mini-rally to stage a 7.56% surge in the last seven days and a 2.5% surge in the last 24 hours. Notably, market analysts are expecting a bullish extension amid the rising optimism and hype surrounding a possible Grayscale Investments listing.

According to a blog post on Grayscale's official website, 36 tokens were listed under the "Property Below Consideration" section with Dogecoin, Kaspa (KAS), Celo (CELO), Toncoin (TON), Tron (TRX), leading the list. Explaining this list, the asset manager disclosed that these tokens are currently not included in Grayscale's Investment products but have been identified by the team for potential inclusion in future products. According to the post, this list may be subjected to change and will be updated after quarter-end.

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We'll continue to aim to update this list at least as frequently as 15 days after quarter-end as the crypto ecosystem expands and the Grayscale team evaluates or reevaluates additional assets. The list below is as of October 10, 2024, and is subject to change intra-quarter as some multi-asset funds reconstitute and we launch new single-asset products.

DOGE Whales Ramp Up Accumulation

This mention has sparked whale activities as IntoTheBlock data confirms that the total large holders' influx has skyrocketed from 133.08 million DOGE tokens on October 11 to 405.82 million DOGE on October 12. This indicates that the figure has increased by 300% in just a day. During the same period, the total large holders' netflow increased by 1,545% from 22.35 million to 367.82 million. According to our analysis, large holders, who also control about 0.1% of the Doge's circulating supply, have started accumulating the asset aggressively.

Confirming this, we found that the total large holders outflow had declined by 65.45% in just a day. On October 11, the outflows from these holders reached 110.72 million DOGE. However, it significantly dropped to 38 million DOGE on October 12. IntoTheBlock's data further suggests that outflows have been largely declining, with the latest quantity decrease standing at 11 million DOGE. This development, according to our analysts, indicates that there could be a rally in the near term.

Price Analysis

Analyzing a thesis by crypto analyst Master Kenobi, we noticed that he was predicting a bull run after drawing a close comparison between the current cycle and the one following the 2020 Bitcoin halving. In an accompanying chart, the analyst points out a bullish formation from 2021 to date. According to him, the previous bull run started 175 days after the 2020 Bitcoin halving. Based on the chart, the rally was marked by four consecutive weeks of gains and two weeks of price declines.

Looking at the current price action, Master Kenobi believes that the bull run for this cycle has started, which is roughly 140 days after the recent halving event. In his analysis, the analyst highlights that the overall crypto market has seen its first four consecutive weeks of price gains. According to him, DOGE could be set for a massive melt-up if the current breakout turns out to be a "bull fake-out." Meanwhile, other analysts are expecting a price rally to $3 from the current price of $0.113 by the end of this cycle.

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