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DOGE Skyrockets 100% in Whale Transactions Amid Dogecoin ETF Rumors

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Wed, 22/05/2024 - 15:37
DOGE Skyrockets 100% in Whale Transactions Amid Dogecoin ETF Rumors
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Dogecoin (DOGE), the famous meme-inspired cryptocurrency, is experiencing a surge in large transactions in the last 24 hours, indicating potential activity from major investors, or "whales."

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According to data from IntoTheBlock, the total value of these large transactions, exceeding $100,000, nearly doubled in the past 24 hours, jumping from $1.53 billion to a staggering $3.01 billion. This translates to a significant rise in the volume of DOGE being moved by these whales, from 9.74 billion to 17.97 billion coins.

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This surge in whale activity coincides with growing speculation about a potential Dogecoin ETF. The recent optimism surrounding the Ethereum ETF has fueled rumors that DOGE could be next in line for its own regulated investment vehicle.

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Source: IntoTheBlock

Why is Dogecoin ETF possible?

Dogecoin appears to have several factors working in its favor for ETF approval. Unlike some other cryptocurrencies, DOGE is not suspected of being a security, its futures are already approved by the U.S. Commodity Futures Trading Commission (CFTC) and it boasts a healthy market capitalization of $24 billion, ranking it as the eighth largest cryptocurrency.

Interestingly, Billy Markus, one of the creators behind Dogecoin under the pseudonym Shibetoshi Nakamoto, has even chimed in on the ETF rumor with a lighthearted "amusing" remark. 

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Whether fueled by these rumors or not, the recent surge in whale transactions suggests heightened interest in DOGE, and investors are watching closely to see if this translates to a price increase.

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