While Dogecoin (CRYPTO: DOGE) whales are accumulating, the crypto community is debating whether utility or speculation will ultimately determine the cryptocurrency’s future.

“Dogecoin Is For Spending, Not Holding“

In an X post on June 10, Timothy Stebbing, director at the Dogecoin Foundation, pushed back against critics who frequently dismiss ecosystem developments because they fail to trigger immediate price gains.

According to Stebbing, every announcement involving new Dogecoin features or utility improvements tends to attract the same responses from traders focused solely on price action.

“If you have ever read anything or listened to anything I’ve said in the last six years, you’d understand price is irrelevant to me,” Stebbing said.

The Dogecoin Foundation executive reiterated his long-held view that Dogecoin was designed primarily as a medium of exchange rather than a speculative asset.

“Dogecoin is for spending, not holding,” he said, adding that any long-term price appreciation should come from utility and adoption rather than hype-driven rallies.

Stebbing went even further, declaring that the era of speculation-led crypto cycles may be over. “There is only utility and adoption from this point on,” he said

“It’s no longer cool and unique to be a crypto project like it was five years ago,” he said.

Whales Continue Buying, While Key Support Zone In Focus

While Stebbing downplayed short-term price movements, on-chain data suggests large investors continue accumulating DOGE.

Crypto analyst Ali Martinez noted that whales acquired more than 200 million Dogecoin over the past week alone.

Meanwhile, trader Daan Crypto Trades highlighted a major historical support area that continues to attract attention.

The analyst noted that Dogecoin has repeatedly revisited the $0.06 to $0.08 range during previous bear markets before producing meaningful reactions.

Although the zone was already tested earlier this year, the trader believes it remains an important area to monitor given the size of the current market range.

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