Is a $3 Dogecoin Price Rally on the Horizon? Grayscale Listing Speculations Heat Up

• Grayscale hints that it could list Dogecoin (DOGE) and several other cryptos, triggering speculations and increased whale activities. 
• Data shows that netflow of total large holders has increased by 1,545% from 22.35 million DOGE to 367.82 million DOGE in just a day. 

Dogecoin (DOGE) has joined the broad market mini-rally to stage a 7.56% surge in the last seven days and a 2.5% surge in the last 24 hours. Interestingly, market analysts anticipate a bullish extension amid the growing optimism and hype surrounding a potential Grayscale Investments listing.

According to a blog post found on Grayscale’s official website, 36 tokens have been listed under the “Assets Under Consideration” section with Dogecoin, Kaspa (KAS), Celo (CELO), Toncoin (TON), Tron (TRX), leading the list. Explaining this list, the asset manager disclosed that these tokens are currently not included in Grayscale’s Investment products but have been identified by the team for potential inclusion in future products. According to the post, this list could be subjected to change and would be updated after quarter end.

We will continue to aim to update this list at least as frequently as 15 days after quarter-end as the crypto ecosystem expands and the Grayscale team reviews or reevaluates additional assets. The list below is as of October 10, 2024, and is subject to change intra-quarter as some multi-asset funds reconstitute and we launch new single-asset products.

DOGE Whales Increase Accumulation

This mention has triggered whale activities as IntoTheBlock data confirms that the total large holders’ inflow has skyrocketed from 133.08 million DOGE tokens on October 11 to 405.82 million DOGE on October 12. This implies that the figure has increased by 300% in just a day. Within the same period, the total large holders’ netflow increased by 1,545% from 22.35 million to 367.82 million. According to our research, large holders, who also control about 0.1% of the Doge’s circulating supply, have started accumulating the asset aggressively.

Confirming this, we discovered that the total large holders outflow had declined by 65.45% in just a day. On October 11, the outflows from these holders increased to 110.72 million DOGE. However, it significantly dropped to 38 million DOGE on October 12. IntoTheBlock’s data further estimates that outflows have been extensively declining, with the recent volume decrease standing at 11 million DOGE. This development, according to our analysts, indicates that there could be a rally in the near term.

Price Analysis

Analyzing a thesis by crypto analyst Master Kenobi, we observed that he was predicting a bull run after drawing an extensive comparison between the current cycle and the one after the 2020 Bitcoin halving. In an accompanying chart, the analyst points out that there has been a bullish formation from 2021 till date. According to him, the previous bull run started 175 days after the 2020 Bitcoin halving. Based on the chart, the rally was marked by four consecutive weeks of increase and two weeks of price declines.

Looking at the current price action, Master Kenobi believes that the bull run for this cycle has begun, which is about 140 days after the previous halving event. In his analysis, the analyst highlighted that the general crypto market has witnessed its first four consecutive weeks of price increase. According to him, DOGE could be in line for a significant decline if the current breakout appears to be a “fake out.” Meanwhile, other analysts anticipate a price surge to $3 from the current price of $0.113 by the end of this cycle.