Dogecoin (DOGE), the meme-inspired cryptocurrency that has been getting attention, has seen a massive spike in large trades over the last 24 hours. This suggests that significant investors, who are sometimes called “whales,” are doing a lot of work with the currency.
IntoTheBlock data shows that these significant deals, each worth more than $100,000, have almost doubled in value, from $1.53 billion to an remarkable $3.01 billion. From 9.74 billion coins to 17.97 billion coins, this shows that these major buyers are moving a lot more DOGE.
Dogecoin ETF Speculation Rises
An exchange-traded fund (ETF) for Dogecoin is being talked about a lot. This is linked to the rise in whale behavior. Since the Ethereum ETF made people feel hopeful, it was said that DOGE might be the next cryptocurrency to get a controlled investment vehicle.
A Dogecoin ETF could happen for a number of reasons. Right now, DOGE is not seen as a security like some other cryptocurrencies. It gets better, the U.S. Commodity options Trading Commission (CFTC) has already approved the options. It is the eighth most valuable coin, with a market cap of $24 billion.
Shibetoshi Nakamoto, also known as Billy Markus, is one of the people who created Dogecoin. He added to the excitement by talking about the rumors about an ETF in his normal “interesting” and “amusing” way.
Today there have been many whale trades, which means that more people than ever are interested in Dogecoin. The talk of an ETF might be to blame, but it’s not clear. Many investors are eager to see if this rise in large deals will have a major impact on the price of the well-known cryptocurrency.
