Dogecoin 'whales' have bought over 300 million DOGE tokens in the past week. This indicates that long-term investors are feeling more confident. At the same time, short-term holders are exiting the market, often selling at a loss after the recent market correction.

The On-chain Dogecoin Platform Remains Strong

According to on-chain data, only 9% of Dogecoin investors who bought in the last 30 days are making a profit. This decline indicates that many short-term traders are liquidating their holdings. This sell-off event was detected a few days ago, with approximately 271 million DOGE being sold at a loss.

Notably, this sell-off occurred due to price volatility, resulting in what experts call a forced transfer of assets to stronger investors. 'Whales' holding between 100 million and 1 billion DOGE have purchased over 330 million DOGE at a discount. This brings their total DOGE holdings to 26.73 billion.

Data also shows that the on-chain fundamentals of Dogecoin remain solid, even as daily investor interest wanes. Key metrics such as network activity, trading volume, and wallet growth remain stable, indicating that long-term investors are preparing for future growth.

Dogecoin ETF Could be Coming Soon

There is no doubt that the original dog-inspired memecoin has witnessed countless strong price surges over the years. Recently, Grayscale Investments filed a proposal to launch an ETF (exchange-traded fund) that tracks the price of the memecoin DOGE.

If regulators approve the submitted proposal, investors will be able to access this proposal in a regulated manner through traditional stock exchanges.

This will help Dogecoin gain a larger foothold in the mainstream cryptocurrency market. Meanwhile, Grayscale revealed that they will rename Grayscale Dogecoin Trust to Grayscale Dogecoin Trust ETF.

According to TheCoinRise, shares of the new Dogecoin fund will be listed on NYSE Arca under the ticker GDOG. However, this proposal is still awaiting approval from the U.S. Securities and Exchange Commission (SEC).

The Strategic Role of Dogecoin

Dogecoin, created in 2013 as a lightweight payment system by software engineers Billy Markus and Jackson Palmer, has grown to become the eighth largest cryptocurrency by market capitalization.

Remember that the pork processing company successfully transitioned into the Bitcoin mining company Bit Origin based in China has officially launched a cryptocurrency treasury strategy by acquiring 40.5 million Dogecoin.

This marks a significant turning point in the company's evolving business direction. Bit Origin's CEO, Mr. Jiang, stated that the decision to use Dogecoin as the company's treasury is due to the cryptocurrency nearing its 'inflection point' for micropayments. This is driven by renewed interest from developers and broader institutional momentum towards cryptocurrency.