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.

Related
Reading

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.

 

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.

a
dogecoin
etf
would
be
amusing

—
Shibetoshi
Nakamoto
(@BillyM2k)

May
21,
2024

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.

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.

Related
Reading

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

 

Now,
in
2024,

#DOGE
has
yet
again
broken
out
of
a
descending
triangle!

It
is
currently
undergoing
a
47%
price
correction,
very
similar
to
previous
cycles,
which
could
ignite
the
next

$DOGE
bull
run!

pic.twitter.com/ZmuHmvIwei

—
Ali
(@ali_charts)

May
1,
2024

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

Go to Source
Author: Samuel Edyme

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