According to U.Today, Dogecoin (DOGE), the meme-inspired cryptocurrency, has seen a significant increase in large transactions over the past 24 hours. This suggests potential activity from major investors, also known as 'whales'. Data from IntoTheBlock reveals that the total value of these transactions, each exceeding $100,000, nearly doubled in the past day, rising from $1.53 billion to a staggering $3.01 billion. This indicates a substantial increase in the volume of DOGE being moved by these whales, from 9.74 billion to 17.97 billion coins.
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. 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.
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. 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.