Dogecoin Whale Activity Surges 41% as ETF Buzz Grows

Dogecoin (DOGE) has witnessed a significant spike in whale activity, with large holders moving over 60.9 billion DOGE in the past 24 hours, marking a 41% increase in large transactions. According to data from IntoTheBlock, this surge represents a seven-day high in whale transfers, compared to a weekly low of 12.97 billion DOGE. The sudden uptick in movement suggests heightened positioning by whales amid growing speculation in the market.

Despite this flurry of activity, DOGE’s price slipped 1.24% to $0.1784, while trading volume dropped by 24.08% to $826.67 million. This decline implies that some of the whale transactions may have been sell-offs, potentially exerting downward pressure on price and sentiment. Historically, heavy whale accumulation often precedes rallies, but in this case, the market remains cautious.

DOGE began May on a positive note, posting a 3.66% gain, and analysts remain optimistic that the meme coin could challenge the $0.20 resistance if bullish momentum builds. Historically, May has brought strong returns for Dogecoin, raising hopes for another breakout.

Adding to the excitement, the Dogecoin community is closely watching for any progress on a potential spot DOGE ETF. If approved, it would be the first of its kind among meme coins, potentially legitimizing DOGE in institutional markets and fueling long-term demand.

As on-chain metrics continue to reflect heightened whale interest and ETF rumors swirl, Dogecoin remains a key asset to monitor this month. Traders are advised to keep a close eye on volume shifts and market sentiment for potential trend reversals or breakout opportunities.