Recent events surrounding Dogecoin have led to a significant increase in whale activity and total trading volume. This process is supercharged by rumors of a potential ETF launch for this cryptocurrency.
Whale Activity and Price Rise
From April 22 to May 13, the number of whale transactions above $1 million reached 354.85. During the same time, DOGE's price increased from $0.152 to $0.251. Daily active addresses peaked at 682,920, with the highest price observed on May 13. Whale accumulation began on April 25, as addresses holding 100 million to 1 billion DOGE added over 1 billion tokens. Their balances remained stable even amid increased volatility.
ETF Proposal Sparks Market Interest
Information suggests that the proposed 21Shares Dogecoin ETF has captured investors' attention. The ETF will track the price of DOGE via the CF DOGE-Dollar US Settlement Price Index. Managed by Coinbase Custody Trust Company, this product could reduce entry barriers and provide regulated access to Dogecoin. If approved, this offering may strengthen DOGE's position in institutional markets, similar to Bitcoin and Ethereum ETFs, by reducing volatility through an expanded base of holders.
Fibonacci Supports Drive Bullish Momentum
Technical analyses indicate that Dogecoin's recent rally respects key Fibonacci levels, supporting its ongoing trend. Every time the price dipped into Fibonacci retracement zones between 0.382 and 0.5, a rebound occurred. The latest bounce happened in the $0.206–$0.219 range, serving as a base for further moves toward $0.226.
Thus, Dogecoin's whale activity, the potential emergence of an ETF, and Fibonacci support create a compelling picture for this cryptocurrency in the near future.
