Dogecoin Outpaces Bitcoin in Whale Activity as DOGE ETF Speculation Builds

Dogecoin (DOGE) is capturing attention after outperforming Bitcoin (BTC) in key on-chain metrics amid a broader market rally. According to IntoTheBlock, DOGE surpassed BTC in large transaction volume and daily active addresses by 41.12% and 34.91%, respectively. In contrast, Bitcoin saw an 11.26% decline in large transactions and a 10.25% drop in active addresses despite a strong market rebound.

Bitcoin continues to dominate in overall market value and trading volume. Data from CoinMarketCap shows BTC posting over 3% in daily gains and a remarkable 206.23% spike in trading volume. Meanwhile, Dogecoin’s price increased by just 0.69%, though its trading volume jumped 71.40%, signaling rising interest.

The contrast between BTC's price momentum and DOGE's user engagement suggests a shift in investor dynamics. Bitcoin remains a top pick for daily traders, but the dip in its large transaction volume hints at a slowdown among institutional players. This gap may have allowed DOGE whales to become more active, fueling speculation and price potential.

Adding to the buzz is the renewed optimism around a potential Dogecoin ETF. The excitement surged during Doge Day on April 20, which highlighted growing community enthusiasm and pushed DOGE ETF proposals into the spotlight. The U.S. SEC is currently reviewing applications from firms including Bitwise, Grayscale, 21Shares, and Osprey Funds. If approved—possibly by May 18—analysts predict it could catalyze a major breakout for DOGE in 2025.

With whale activity rising and the DOGE ETF under review, Dogecoin may be entering a new phase of market relevance, positioning itself as a serious contender beyond its memecoin origins.