Dogecoin (DOGE), a meme-inspired cryptocurrency, has recently experienced a significant escalate in activity from huge investors, commonly known as “whales.”

Last data shows that the value of significant transactions has almost doubled in the last 24 hours.

Dogecoin trades skyrocket as ETF speculation increases

According to IntoTheBlock data, the value of these huge transactions exceeding $100,000 has increased significantly in the last 24 hours. This dramatic escalate increased the total value from $1.53 billion to approximately $3.01 billion.

At the same time, the volume of DOGE transferred by these whales increased from 9.74 billion to 17.97 billion DOGE coins, indicating a marked escalate in investor engagement and traffic in the Dogecoin ecosystem.

This significant escalate in whale trading coincides with growing speculation in the cryptocurrency community about the potential approval of the Dogecoin ETF.

Enthusiasm around a possible Ethereum ETF has sparked talks about DOGE as the next cryptocurrency to have an exchange-traded fund.

Amidst the rumors was a notable post on X by cryptocurrency enthusiast Vee that suggested Dogecoin’s non-security status and widespread adoption make it an ideal ETF candidate.

The post highlights the two-sided nature of customary financial institutions’ interest in Dogecoin, ironically pointing out both potential benefits and drawbacks.

Dogecoin etf would be fun

— Shibetoshi Nakamoto (@BillyM2k) May 21, 2024

Billy Markus, co-creator of Dogecoin, humorously commented on this speculation, noting that a Dogecoin ETF would be “fun.” This attitude reflects DOGE’s carefree origins, but does not detract from its stern investment potential, highlighted by recent market trends.

Dogecoin is following the upward trend in the global cryptocurrency market, rising 11.2% over the past week. However, over the last 24 hours, the escalate was a modest 0.7%, with the cryptocurrency trading at $0.168.

DOGE technical analysis and future prospects

Analysts are closely watching Dogecoin. Prominent cryptocurrency analyst Ali noted that DOGE is approaching a critical resistance level, suggesting a potential move higher soon.

His observations are based on DOGE breaking out of a descending triangle formation, a sign that often indicates a shift towards bullish market behavior.

Now in 2024 #DOG once again he broke out of the descending triangle!

It is currently undergoing a 47% price correction, very similar to previous cycles, which may usher in the next one $DOGE running of the bull! 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, strengthening the potential for further upside. This analysis places immediate resistance near $0.15950; a level that DOGE recently breached, pointing to further resistance at $0.16980 and $0.18440.

Featured image from Dall-E, chart from TradingView