Dogecoin Whales On The Move: Transactions Surge More Than 50% Amid ETF Speculation
Release: 2024/05/23 08:04 Reading: 282
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=609340
Dogecoin (DOGE) Surge Driven by Large-Scale Investors
Dogecoin (DOGE), a meme-inspired cryptocurrency, has witnessed a significant increase in activity from large-scale investors, known as "whales." Recent data reveals that the value of substantial transactions has nearly doubled within the past 24 hours.
Surge in Whale Transactions
According to data from IntoTheBlock, the value of large transactions exceeding $100,000 has risen significantly over the past 24 hours. This dramatic increase saw the total value surge from $1.53 billion to roughly $3.01 billion. src="/uploads/20240523/1716424657664e8fd120b9c.png">
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.
ETF Speculation Fuels Whale Interest
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 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.
Dogecoin's Market Performance
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. src="/uploads/20240523/1716424657664e8fd120b9c.png">
Technical Analysis and Future Prospects
Analysts are watching Dogecoin closely. Crypto analyst Ali noted that DOGE is nearing a critical resistance level, suggesting potential upward movement soon. 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 analyst from Crypto Daily Trade Signals 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.
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