Dogecoin transactions have surged by over 50%, Amid speculation of a potential exchange-traded fund (ETF).

[CryptoChamp]

There has been a significant uptick in activity from institutional investors, or "whales," in the meme-inspired cryptocurrency Dogecoin (DOGE).

Recent data shows the value of large transactions has almost quadrupled in the past day. According to statistics from IntoTheBlock, transactions over $100,000 have soared in value over the last 24 hours, jumping from $1.53 billion to nearly $3.01 billion.

Simultaneously, the amount of DOGE moved by these whales increased from 9.74 billion to 17.97 billion, indicating a substantial rise in investor activity within the Dogecoin ecosystem.

This dramatic increase in whale transactions coincides with growing speculation within the crypto community about the possibility of a Dogecoin ETF being approved.

Excitement surrounding the prospect of an Ethereum ETF has led to speculation that DOGE might be the next cryptocurrency to get its own ETF.

Amid this speculation, a prominent crypto enthusiast named Vee posted on X, suggesting that Dogecoin would be perfect for an ETF due to its broad acceptance and non-security status.

In a post highlighting the potential pros and cons, Vee underscored the double-edged nature of traditional financial institutions' interest in Dogecoin.

Billy Markus, one of the coin's co-creators, humorously remarked that a Dogecoin ETF would be "amusing," a sentiment that fits DOGE's playful origins but doesn't detract from the serious investment opportunities current market trends present.

Dogecoin value has risen by 11.2% over the last week, reflecting the overall upward trend in the cryptocurrency market. Although DOGE has seen a slight 0.7% increase in the last day, it is now trading at $0.168.

[Imam]

Elon needs to do something 😬