June 24, 2024
Transactions Surge More Than 50% Amid ETF Speculation


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.

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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.

Dogecoin Large Transaction Volume.
Dogecoin Large Transaction Volume. | Source: IntotheBlock

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.

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.

Dogecoin (DOGE) price chart on TradingView
DOGE price is moving upside down on the 4-hour chart. Source: DOGE/USDT on TradingView.com

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.

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His observations are based on DOGE’s breakout from a descending triangle pattern, a sign that often indicates a shift toward bullish market behavior.

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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