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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.
According to crypto analyst Ali, large Dogecoin holders bought the dip, accumulating more than 530 million DOGE in the last 72 hours. The recent accumulation spree might indicate that whales are taking advantage of lower prices to increase their DOGE holdings.
The cryptocurrency market experienced a fresh sell-off in the early Friday trading session as investors assessed numerous macroeconomic concerns while waiting for the release of the PCE report, a key inflation reading, and the week's most anticipated data point.
Almost all cryptocurrencies in the top 100, save stablecoins, fell, with some losing up to 15%.
Tomiwabold OlajideDogecoin fell more than 13% to an intraday low of $0.181, extending its decline since the start of the week. Weekly, Dogecoin was down about 27%, and it had dropped 11% in the last 24 hours to $0.1867 at press time.
So far this week, Dogecoin has been down three out of five days, with today being the fourth. Monday's market crash saw Dogecoin fall beneath the daily SMA 200 support at $0.241, below where it presently trades.
Meme coins not securities, SEC says in new guidance
In positive news for the cryptocurrency industry, the SEC has issued guidance stating that meme coins are not securities but rather collectibles.
In its statement, the SEC stated that the offer and sale of meme coins do not constitute an investment in an enterprise, nor is it made with a reasonable expectation of gains from the entrepreneurial or management efforts of others.
Gamza KhanzadaevThe 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.
Dan Burgin
Vladislav Sopov