Dogecoin Whales Bag 560M Tokens; DOGE Price Surge To $1 Imminent?

Dogecoin whales again captured noteworthy market attention on Saturday, reflecting a highly bullish sentiment despite broader market volatility. Recent on-chain data revealed that whales accumulated 560 million Dogecoin, signaling a potential rally for DOGE price to $1. Further, in the wake of Grayscale’s new DOGE-backed Trust’s launch, investor sentiments surrounding the meme-themed asset have undergone a paradigm bullish shift.

Dogecoin Whales On Buying Spree Signal Bullish Move Ahead

In an X post by renowned crypto analyst Ali Martinez on February 1, it was spotlighted that Dogecoin whales purchased 560 million tokens in the past week. This massive buying signals heightened market confidence in the asset.

Notably, the analyst reveals that the buying spree follows an intense sell-off recently, thus flagging renewed interest among large-scale investors. As a response, broader market participants anticipate a bullish move ahead, primarily amid rising demand and buying pressure. Further, it’s also worth pointing out that CoinGape previously highlighted rising DOGE whale accumulations.

Grayscale’s New Trust Launch Solidifies Market Optimism

Meanwhile, the launch of Grayscale’s Dogecoin Trust has offered additional market support to the dog-themed meme crypto. The launch of a traditional financial investment product backed by a meme-themed asset paves the way for further money inflow into the crypto’s ecosystem.

Simultaneously, it’s also worth mentioning that asset management company Bitwise submitted S-1 filing for a DOGE ETF previously. Overall, these recent endeavors, pushing the meme coin as a traditional investment product, have cemented investors’ bullish outlook for the token.

Is Dogecoin To $1 Run Inevitable Amid Rising Whale Buying & Market Support?

At the time of reporting, DOGE price continued showcasing a sideways trading session, exchanging hands at $0.3277. The crypto’s 24-hour low and high were $0.3243 and $0.3407, respectively. Amid the abovementioned bullish news surfacing across the market, intraday trading volume for the asset rose by 36% to $1.57 billion.

Market watchers continue to anticipate further gains amid rising Dogecoin whale accumulations and broader developments. A recent Dogecoin price analysis by CoinGape revealed that the new Trust launch and ETF filing further amplify the token’s potential to hit $1. However, it’s worth mentioning that the coin must clear the $0.35 level promptly for further upside actions. The latest macroeconomic events, such as unchanged rates this FOMC and rising PCE inflation YoY, present the crypto market with uncertainty.

On the other hand, it’s also worth recalling the American entrepreneur Elon Musk’s massive influence over the meme coin. Primarily in the wake of this influence, investors continue to eye the token as Musk’s DOGE advances in tackling the U.S. national debt. In turn, this development further garners increased market attention toward the dog-themed meme cryptocurrency.

✓ Share:

• Recommended
• Price Analysis

• Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
• Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
• Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
• Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
• World Liberty Financial Discloses Reason for Blacklisting 272 Wallets

• HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
• Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
• XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
• Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
• Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.