Large transactions have increased on the well-known meme-inspired cryptocurrency Dogecoin (DOGE) during the past 24 hours, suggesting possible activity from influential investors, or “whales.”
The overall value of these big transactions—those worth more than $100,000—nearly quadrupled in the last day, rising from $1.53 billion to an astounding $3.01 billion, according to statistics from IntoTheBlock. This corresponds to a huge increase in the amount of DOGE that these whales are transporting, from 9.74 billion to 17.97 billion coins.
The increased talk of a possible Dogecoin exchange-traded fund (ETF) is accompanied by this spike in whale behaviour. The Ethereum ETF’s recent surge in popularity has given rise to speculation that DOGE may be the next company to receive regulation for an investment vehicle of its own.
Why is Dogecoin ETF possible?
It seems like Dogecoin has a number of things going for it when it comes to ETF certification. DOGE, the eighth-largest cryptocurrency, has a robust market capitalization of $24 billion and is not accused of being a security, in contrast to several other cryptocurrencies. The U.S. Commodity Futures Trading Commission (CFTC) has already authorised its futures.
Remarkably, Billy Markus—who created Dogecoin under the alias Shibetoshi Nakamoto—even commented on the ETF rumour with a playful, “amusing” remark.
Investors are keeping a careful eye on DOGE to see if the recent spike in whale transactions—whether or not they are related to these rumors—reflects increased interest in the company.
