Whales Snag 110 Million DOGE in Two Days As Elon Musk Rekindles “Dogefather” Title — Is $1 Milest...

Back in 2021, tech billionaire Elon Musk styled himself as the “Dogefather” ahead of a “Saturday Night Live” skit about the meme cryptocurrency — sending its price roaring upwards. DOGE would rocket to its current all-time high price of about $0.73 at this time.

However, the Tesla/SpaceX boss seldom mentions the title associated with his beloved cryptocurrency. Today, after being given a DOGE-labeled chainsaw by Argentinian president Javier Millei, Musk posted a rather amusing picture of himself on X featuring “The Dogefather” in the background. “This is a real picture,” Musk captioned the new post.

However, it seems that Musk was referring to his new designation as the lead of the Department of Government Agency in the Donald Trump administration. Notably, this extra-governmental agency, which is aimed at lowering the federal budget deficit, has an acronym that matches Dogecoin’s ticker. And the official D.O.G.E website briefly featured the familiar DOGE meme imagery, boosting Dogecoin’s price in the process.

With Trump back in office, Musk’s Department of Governmental Agency has started aggressively interrogating U.S. government agencies, with the latest target being the Securities and Exchange Commission (SEC).

Dogecoin Whales Accumulate — Sign That $1 DOGE Price Is In The Making?

Ali Charts, a crypto markets analyst, highlighted that Dogecoin whales have been accumulating the asset in significant volumes amid speculation around a spot DOGE exchange-traded fund listing in the United States.

Martinez noted that the cohort bought 110,000 million DOGE in the last 48 hours. Smart money investors adding more of the Shiba Inu-inspired meme coin to their wallets suggests their belief that another blitz breakout for Dogecoin is on the horizon.

Asset managers, including Grayscale, Bitwise, and Rex Shares, have already signaled their intention to launch DOGE EFTs. Analysts are bullish that it won’t take long for Dogecoin ETFs to hit the market, predicting a theoretical launch as early as April.

As of press time, Dogecoin remains 66.3% below its all-time high of $0.7316, reached in May 2021. However, if regulatory approval is secured, the cryptocurrency could grow to the highly-awaited $1 mark.