Dogecoin Whales Make Waves: Transactions Skyrocket Over 50% Amid ETF Buzz

Dogecoin, a cryptocurrency inspired by a meme, sees significant activity from large-scale investors, known as "whales."

Recent data indicates a near doubling in the value of large transactions within 24 hours.

According to IntoTheBlock, transactions over $100,000 surged from $1.53 billion to approximately $3.01 billion.

Dogecoin Large Transaction Volume. | Source:IntotheBlock

The volume of DOGE transferred by whales rose from 9.74 billion to 17.97 billion coins, showing heightened investor activity in the Dogecoin ecosystem.

This spike in whale transactions aligns with rising speculation about a potential Dogecoin ETF.

The crypto community's discussions about an Ethereum ETF have fueled talks of a similar fund for DOGE.

A post by a crypto enthusiast, Vee, on X, pointed out Dogecoin's non-security status and broad adoption as ideal traits for an ETF.

Billy Markus, Dogecoin's co-creator, humorously remarked that a Dogecoin ETF would be "amusing," reflecting its playful origins while acknowledging its serious investment potential.

Dogecoin is trending upward in the global crypto market, with an 11.2% increase over the past week and a modest 0.7% rise in the last 24 hours, currently trading at $0.168.

DOGE price is moving upside down on the 4-hour chart. Source: DOGE/USDT onTradingView.com

Analysts are monitoring Dogecoin's market behaviour.

Ali, a prominent analyst, noted that DOGE is approaching a critical resistance level, suggesting possible upward movement.

He bases his observation on DOGE's breakout from a descending triangle pattern, a sign of potential bullish market behaviour.

Another analyst from Crypto Daily Trade Signals identified a symmetrical triangle pattern, reinforcing growth potential. Immediate resistance is near $0.15950, with further resistance at $0.16980 and $0.18440.

Dogecoin transactions surge as ETF speculation grows, indicating increased investor interest and activity.