Dogecoin (Doge) has recently attracted the attention of major investors. In the last week, 560 million doge was purchased by whales. This movement points to a new wave of interest in the Dogecoin market.
Intense dog purchase of whales
According to the crypto analyst Ali, the big investors began to accumulate Doge after the last wave of sales. Dgecoin experienced a gradual decrease after reaching $ 0.434 on January 18th.
https://twitter.com/ali_charts/status/1885448724316307531
The reason for these purchases is the Doge ETF applications. The fact that ETF applications create a positive atmosphere in the market may have increased the interest of whales. The purchases of major investors are generally interpreted as the expectation of rise in the market.
Dogecoin Price and Market Conditions
Dge decreased by 0.59 percent in the last 24 hours to $ 0.324. Increasing profit sales in the market creates pressure on the price.
In addition, inflation data announced in the United States had an impact on the markets. According to December data, personal consumption expenditures price index increased by 2.6 percent annually. This ratio was found to be over 2 percent target of the FED, but compatible with market expectations.
FED decision and its impact on the crypto market
The FED kept its interest rates fixed at the range of 4.25-4.5 percent at the last meeting. The FED, which made a total interest rate reduction in a total of one -point interest rate at the previous three meetings, did not make a change this time.
This led to fluctuations in the crypto market. Before the interest rate decision, Dge lost value for three consecutive days and fell to $ 0.305. FED decisions are known to cause short -term fluctuations in crypto currency prices.
What does ETF applications mean for Dogecoin?
The US Securities and the Stock Exchange Commission’s crypto -friendly approach creates new opportunities for Dogecoin. Large asset executives increased interest in the market by applying DEGE ETF.
According to Bloomberg analyst Eric Balchunas, there are currently four different DADE ETF applications. Grayscale created an investment fund for Dogecoin and submitted the necessary documents to convert it into Spot ETF. Bitwise, Rex Shares and Osprey Funds have also completed Dogecoin ETF applications.
