Dogecoin (DOGE), a meme-inspired cryptocurrency, has recently experienced a significant increase in activity from large-scale investors, commonly known as “whales.”
Recent data shows that the value of substantial transactions has almost doubled in the last 24 hours.
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Dogecoin Transactions Soar as ETF Speculation Intensifies
According to data from IntoTheBlock, the value of these big transactions exceeding $100,000 has increased significantly in the last 24 hours. This dramatic increase caused the total value to rise from $1.53 billion to around $3.01 billion.
![Dogecoin Whales on the Move: Transactions Rise Over 50% Amid ETF Speculation 1 Large volume of Dogecoin transactions.](https://thegurumedia.com/wp-content/uploads/2024/05/dogecoin_1.png)
At the same time, the volume of DOGE transferred by these whales expanded from 9.74 billion to 17.97 billion DOGE coins, indicating a sharp increase in investor engagement and movement within Dogecoin. ecosystem.
This significant increase in whale transactions coincides with growing speculation in the crypto community about the potential approval of a Dogecoin ETF.
Excitement surrounding a possible Ethereum ETF has sparked talk of DOGE being the next cryptocurrency to have its exchange-traded fund.
Amid the rumors, a notable post by a crypto enthusiast, Vee, on X suggested that Dogecoin’s non-security status and wide adoption make it an ideal candidate for an ETF.
The post highlighted the ambiguous nature of traditional financial institutions’ interest in Dogecoin, ironically pointing out both the benefits and potential downsides.
a dogecoin ETF would be fun
-Shibetoshi Nakamoto (@BillyM2k) May 21, 2024
Billy Markus, co-creator of Dogecoin, commented humorously on the speculation, noting that a Dogecoin ETF would be “fun.” This sentiment reflects DOGE’s carefree origins, but does not detract from its serious investment potential, highlighted by recent market trends.
Dogecoin is following global crypto market uptrend, with an increase of 11.2% last week. However, in the last 24 hours, the increase has been a modest 0.7%, with the crypto trading at $0.168.
DOGE Technical Analysis and Future Outlook
Analysts are watching Dogecoin closely. A prominent crypto analyst, Ali, noted that DOGE is approaching a crisis resistance level, suggesting potential upward movement soon.
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His observations are based on DOGE breaking out of a descending triangle pattern, a signal that often indicates a shift toward bullish market behavior.
Now, in 2024, #DOGE once again emerged from a descending triangle!
It is currently experiencing a 47% price correction, very similar to previous cycles, which could trigger 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 price movements, reinforcing the potential for continued growth. This analysis places immediate resistance near $0.15950; a mark that DOGE surpassed recently, pointing to additional resistance at $0.16980 and $0.18440.
Featured image of Dall-E, chart from TradingView