530 Million Dogecoin in 72 Hours: What's Happening?

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Dogecoin (DOGE) Whale Accumulation Signals Strong Interest

Despite recent price volatility, Dogecoin experienced a significant accumulation of 530 million coins within 72 hours, suggesting substantial interest from large investors ("whales"). Crypto analyst Ali reported this surge, indicating whales capitalized on lower prices to increase their DOGE holdings.

Whales bought the dip, accumulating more than 530 million #Dogecoin $DOGE in the last 72 hours!

Market Sell-Off Impacts Dogecoin

The cryptocurrency market saw a significant sell-off on Friday morning, driven by macroeconomic concerns and anticipation of the PCE inflation report. Most top 100 cryptocurrencies (excluding stablecoins) declined, with some experiencing losses up to 15%. Dogecoin's price fell over 13%, reaching an intraday low of $0.181. This continues a downward trend, with weekly losses around 27% and a 24-hour decline of 11% to $0.1867 at the time of writing. Dogecoin has seen negative performance on four out of the past five days, falling below the daily SMA 200 support at $0.241 earlier this week.

SEC Clarifies Meme Coin Status

In positive news for the cryptocurrency sector, the SEC issued guidance clarifying that meme coins are not securities, but rather collectibles. The SEC's statement emphasizes that meme coin purchases do not represent investment in an enterprise, nor do they offer reasonable expectation of profits derived from the efforts of others. This is supported by two key points: first, meme coin funds are not pooled for development by third parties; second, profit expectations are based on speculative trading and market sentiment, similar to collectibles. Read the original article on U.Today