Dogecoin Whales On The Move: Transactions Surge More Than 50% Amid ETF Speculation
May 22 2024 - 8:00PM
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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. Related
Reading: Dogecoin Bulls On The Rise: Analyst Highlight Path To $0.2
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. Related Reading: Dogecoin Forms Symmetrical Triangle, Rally
On The Horizon? 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
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