As a result of the recent surge that pushed Bitcoin (BTC) over $65,000, the altcoin market also moved upwards. Amidst this activity, the largest memecoin, Dogecoin (DOGE), saw an increase of over 20%, reaching a price level of $0.17.
Whales Fuel Dogecoin’s Rally
The rise in the largest memecoin came concurrently with large investors, known as whales, moving a significant amount of over 245 million DOGE. This movement coincided with speculation about a potential spot Dogecoin exchange-traded fund (ETF), which increased optimism among altcoin enthusiasts and fueled the rally.
Whale Alert, a platform that tracks on-chain data and publicly shares large transactions, reported that whales executed a significant transaction totaling 245 million DOGE. Notable transfers included moving 47.81 million DOGE from Binance to an unidentified wallet address and 60 million DOGE from Coinbase to another unidentified wallet address.
Unidentified wallet addresses transferred 34.09 million DOGE to Coinbase in two transactions, while two other unidentified wallet addresses moved 34.34 million and 34.28 million DOGE. These substantial transactions to and from leading cryptocurrency exchanges, especially during the price increase of Dogecoin, sparked discussions within the community.
Andrew Kang, the founder of Mechanism Capital, contributed to the discussions within the altcoin community with his notable statement regarding the future of a potential spot Dogecoin ETF. Kang’s assertion of a more than 30% likelihood of a spot Dogecoin ETF launch resonated widely in the cryptocurrency world. This optimistic expectation comes amid the great success of spot Bitcoin ETFs and the anticipation of spot Ethereum ETFs being approved in May, raising expectations for Dogecoin’s broader mainstream adoption.
Is $0.20 Next for Dogecoin?
As Dogecoin continues its ascent, discussions emerge about its potential to reach the $0.20 level. Market experts and investors predict DOGE’s price could rise to $0.20, with some expecting even greater gains.
Particularly, the excitement surrounding DOGE’s rise draws strength from the optimism among memecoin enthusiasts and investors, reflecting the overall upward trend in the memecoin sector. Amid this fervor, Dogecoin stands out as the “king of memecoins” with its unique position and potential dominance in the payments sector.
