Dogecoin (DOGE), a meme-inspired crypto, has recently experienced a significant surge in activity from large-scale investors, commonly known as “whales.”
Recent data shows that the value of substantial transactions has nearly doubled in the last 24 hours.
Dogecoin Transactions Soar As ETF Speculation Intensifies
According to data from IntoTheBlock, the value of these large transactions exceeding $100,000 has significantly increased within the past 24 hours. This dramatic increase saw the total value surge from $1.53 billion to roughly $3.01 billion.
Concurrently, the volume of DOGE transferred by these whales expanded from 9.74 billion to 17.97 billion DOGE coins, indicating a marked uptick in investor engagement and movement within the Dogecoin ecosystem.
This significant uptick in whale transactions coincides with mounting speculation in the crypto community regarding the potential approval of a Dogecoin ETF.
The enthusiasm around a possible Ethereum ETF has sparked conversations about DOGE being the next cryptocurrency to have its exchange-traded fund.
Amidst the rumors, a notable post by a crypto enthusiast, Vee, on X suggested that Dogecoin’s non-security status and widespread adoption make it an ideal candidate for an ETF.
The post highlighted the dual-edged nature of traditional financial institutions’ interest in Dogecoin, ironically pointing out both the potential benefits and drawbacks.
a dogecoin etf would be amusing
— Shibetoshi Nakamoto (@BillyM2k) May 21, 2024
Billy Markus, a co-creator of Dogecoin, humorously commented on the speculation, noting that a Dogecoin ETF would be “amusing.” This sentiment reflects DOGE’s light-hearted origin but doesn’t detract from its serious investment potential, highlighted by recent market trends.
Dogecoin is following the global crypto market’s uptrend, with an 11.2% increase over the past week. However, in the last 24 hours, the increase has been a modest 0.7%, with the crypto trading at $0.168.
Technical Analysis Of DOGE And Future Prospects
Analysts are watching Dogecoin closely. A prominent crypto analyst, Ali, noted that DOGE is nearing a critical resistance level, suggesting potential upward movement soon.
His observations are based on DOGE’s breakout from a descending triangle pattern, a sign that often indicates a shift toward bullish market behavior.
Now, in 2024, #DOGE has yet again broken out of a descending triangle!
It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei
— Ali (@ali_charts) May 1, 2024
Another Crypto Daily Trade Signals analyst identified a symmetrical triangle pattern in DOGE’s price movements, reinforcing the potential for continued growth. This analysis places immediate resistance near $0.15950; a mark DOGE has recently surpassed, pointing to further resistance at $0.16980 and $0.18440.
Featured image from Dall-E, Chart from TradingView