Large Dogecoin Holders Are Still Stacking During the Market Correction
Large Dogecoin holders are accumulating the asset during the recent market correction. Dogecoin rebounded from a low of $0.205 to $0.211 after dropping nearly 16% from its August 24 high. On-chain metrics show improving fundamentals, with large transfers of $100,000 or more reaching a five-month high and wallets holding 1 million to 10 million DOGE increasing by 33 in August. This accumulation suggests larger players see value in Dogecoin. The Trump family's involvement in a Dogecoin mining company may have influenced this activity. Institutional interest in crypto is rising due to a more tolerant regulatory climate. Grayscale's spot Dogecoin ETF application remains unapproved. Dogecoin is considered a "cultural asset" with resilience during downturns.
