Dogecoin transactions have surged by over 50% amid rumors of a potential exchange-traded fund (ETF).
Recent data shows that institutional investors, or "whales," have significantly increased their activity in Dogecoin stock (DOGE). Large transactions valued over $100,000 have nearly quadrupled in the past 24 hours, rising from $1.53 billion to almost $3.01 billion. The amount of DOGE moved by these whales also jumped from 9.74 billion to 17.97 billion, indicating a substantial rise in investor activity.
This increase coincides with growing speculation about the possibility of a Dogecoin ETF being approved, fueled by excitement over the potential Ethereum ETF. A prominent crypto enthusiast named Vee suggested on X that Dogecoin would be ideal for an ETF due to its broad acceptance and non-security status.
Billy Markus, one of Dogecoin's co-creators, humorously remarked that a Dogecoin ETF would be "amusing," but the current market trends indicate serious investment opportunities.
Dogecoin's value has risen by 11.2% over the past week, with a slight 0.7% increase in the last day, now trading at $0.168.