Dogecoin Recent Updates: ETF Filing, Whale Activity, and More

Dogecoin has seen several notable developments in recent months. Grayscale filed for the first U.S. spot Dogecoin ETF, whales have accumulated billions of DOGE, and new corporate treasury strategies are placing the token at the center of broader digital asset adoption. At the same time, the memecoin faces new security challenges, with Qubic selecting Dogecoin as its next proof-of-work target.

Grayscale Files for First Spot Dogecoin ETF

On August 16, 2025, Grayscale submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for the Grayscale Dogecoin Trust ETF.

If approved, the ETF would trade on the New York Stock Exchange Arca under the ticker GDOG. The trust will:

• Hold Dogecoin as its sole asset.
• Use Coinbase Custody Trust Company as custodian.
• Issue and redeem shares in “Baskets,” each representing 10,000 shares.
• Operate passively, with no leverage or derivatives.
• Track DOGE’s value using the CoinDesk Dogecoin Reference Rate.

Shares will be handled in cash, not direct DOGE transfers, at least initially. The SEC has not yet approved the proposal. Grayscale confirmed it will not proceed with offerings until listing guidelines are cleared.

This filing follows the SEC’s January 31 NYSE listing application framework and comes shortly after Grayscale’s broader IPO filing. If approved, GDOG would mark the first regulated financial product tied directly to Dogecoin’s price.

Whale Accumulation Drives DOGE Price Gains

Alongside regulatory moves, Dogecoin has seen heavy whale accumulation. On August 14, market observer Ali Martinez reported that large holders bought 2 billion DOGE in a week—worth about $500 million.

• On August 14 alone, whales purchased 230 million DOGE, triggering an 8% price jump in 24 hours.
• Over the week, DOGE’s price rose 17%, adding $5.5 billion to its market cap.
• Dogecoin’s market cap now stands at $33.29 billion.

Whale accumulation indicates strong institutional and large-scale investor interest in DOGE, even as broader market conditions remain uncertain.

Qubic Names Dogecoin as Next Attack Target

Security concerns are rising as Qubic, an AI-focused blockchain project, announced its community voted to target Dogecoin for a 51% attack.

Qubic recently executed a successful takeover of the Monero (XMR) network, reorganizing six blocks after controlling a majority of its hashrate. Following that attack, Qubic’s founder, Sergey Ivancheglo (aka Come-from-Beyond), polled the community on which proof-of-work chain to target next. Dogecoin received more than 300 votes, beating Kaspa and Zcash.

Qubic currently commands about 2.32 GH/s of hashrate. While Dogecoin’s significantly higher security makes a full takeover unlikely, the announcement emphasizes ongoing vulnerabilities for proof-of-work assets.

Bit Origin Adds 40.5 Million DOGE to Treasury

On August 12, China-linked Bit Origin, originally a pork processing company turned Bitcoin miner, announced its first crypto treasury acquisition—purchasing 40.5 million DOGE for about $9.9 million at an average price of $0.24.

Bit Origin raised funds for the purchase through a mix of $400 million in share sales and $100 million in convertible debt.

CEO Jinghai Jiang said the company chose Dogecoin because of its micropayment potential and growing institutional interest in tokenization. 

Thumzup Media Diversifies Into Dogecoin

Thumzup Media Corporation, a digital advertising platform, has also added Dogecoin to its treasury strategy. Previously focused only on Bitcoin, the firm will now accumulate:

• Ethereum (ETH)
• Ripple (XRP)
• Solana (SOL)
• Dogecoin (DOGE)
• Litecoin (LTC)

The company currently holds over $2.1 million in Bitcoin. CEO Robert Steele said diversification supports Thumzup’s advertising platform, where users are paid for promoting products on social media.

The decision follows an investment from Donald Trump Jr., marking a notable crossover of political and corporate interest in DOGE and other digital assets.

Dogecoin’s Position in 2025

Dogecoin, launched in 2013 by Billy Markus and Jackson Palmer, was originally designed as a lighthearted alternative to Bitcoin. Today, it has grown into the eighth-largest cryptocurrency by market cap, supported by both its memecoin culture and emerging institutional adoption.

Recent updates underline three clear dynamics shaping DOGE in 2025:

• Institutionalization through ETFs and treasury strategies.
• On-chain activity driven by whales and investor accumulation.
• Security risks as proof-of-work chains face increasing challenges.

Conclusion

Dogecoin’s latest developments reflect both progress and challenges. Grayscale’s ETF filing could bring DOGE to regulated financial markets, while whale accumulation signals strong investor demand. Corporate treasury allocations by Bit Origin and Thumzup Media highlight its growing role as a recognized digital asset.

At the same time, Qubic’s 51% attack vote shows the importance of network security for proof-of-work assets. With a market cap above $33 billion and a surge in institutional interest, Dogecoin remains central to discussions about the future of accessible and widely recognized cryptocurrencies.

Resources:

1. Grayscale’s S-1 registration statement to the U.S. Securities and Exchange Commission (SEC): https://www.sec.gov/Archives/edgar/data/2055510/000095017025109442/ck0002055510-20250815.htm

2. BitOrigin’s 40M DOGE accumulation announcement: https://www.globenewswire.com/news-release/2025/07/21/3118728/0/en/Bit-Origin-Acquires-Over-40-Million-Dogecoin-DOGE-to-Advance-Treasury-Strategy.html

3. Thumzup Media Corporation’s announcemnt about adding Dogecoin to its treasury strategy: https://www.prnewswire.com/news-releases/thumzup-media-corporation-board-approves-the-accumulation-of-additional-leading-cryptocurrencies-302501336.html