In simple terms, some "whale" wallets holding a large amount of Dogecoin (DOGE) (over 1 billion coins) have recently increased their Dogecoin holdings from 7.084 billion to 7.111 billion, adding about 270 million coins.

If these large holders continue to buy, and the "spent age metric" (an indicator reflecting coin age) remains low, the price of Dogecoin is very likely to break upward and rise even higher.

Meanwhile, Grayscale, an important digital asset management company, submitted an S-1 application to the U.S. Securities and Exchange Commission (SEC) on August 15, planning to convert its existing Dogecoin trust into a spot Dogecoin ETF (trading symbol GDOG), which, if approved, will be listed on the New York Stock Exchange Arca.

This is big news for Dogecoin! An ETF is a tool that allows investors to invest in Dogecoin without directly purchasing the cryptocurrency, which could attract more traditional investors and increase market liquidity and recognition.

Whales increasing their holdings + Grayscale ETF application + low age metric = Dogecoin $DOGE