DOGE Skyrockets 100% in Whale Transactions Amid Dogecoin ETF Rumors
Release: 2024/05/22 23:44 Reading: 719
Cover image via U.Today
Dogecoin (DOGE), the renowned meme-inspired cryptocurrency, has witnessed a remarkable surge in large transactions over the past 24 hours, indicating potential engagement from major investors, or "whales."
According to data from IntoTheBlock, the aggregate value of these large transactions, surpassing $100,000, has nearly doubled within the past 24 hours, escalating from $1.53 billion to an astounding $3.01 billion. This translates to a significant increase in the volume of DOGE being circulated by these whales, rising from 9.74 billion to 17.97 billion coins.
This surge in whale activity aligns with growing speculation regarding a potential Dogecoin ETF. The recent optimism surrounding the Ethereum ETF has fueled rumors that DOGE could be the next in line for its own regulated investment vehicle. src="/uploads/20240523/1716397614664e262e127d6.png">Source: IntoTheBlock
Factors Favoring a Dogecoin ETF
Dogecoin appears to possess several factors that enhance its prospects for ETF approval. Unlike certain other cryptocurrencies, DOGE is not suspected of being a security, its futures have already received approval from the U.S. Commodity Futures Trading Commission (CFTC), and it boasts a substantial market capitalization of $24 billion, ranking it as the eighth largest cryptocurrency.
Notably, Billy Markus, one of the creators behind Dogecoin under the pseudonym Shibetoshi Nakamoto, has even commented on the ETF rumor with a playful "amusing" remark.
Whether influenced by these rumors or not, the recent surge in whale transactions suggests heightened interest in DOGE, and investors are closely monitoring the situation to determine if this translates to a price increase.
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