Dogecoin Pumps 9%: 'The Odds For A DOGE ETF Look Brighter Than Ever,' Crypto VC Proclaims

Dogecoin's DOGE/USD 9% rally prompted renewed speculation about a Dogecoin ETF and new bullish price targets.

What Happened: Andrew Kang, a crypto venture capitalist teased a DOGE ETF following the increasing chances of a spot Ethereum ETF being approved.

With significant political pressure for regulation of crypto to be officially bestowed upon the CFTC, the odds for a DOGE ETF look brighter than ever https://t.co/nyYnO0LQ6o

— Andrew Kang (@Rewkang) May 21, 2024

In early March, Kang put the odds of an eventual DOGE ETF at higher than 30%.

Crypto trader Kevin tweeted that Dogecoin has triggered a daily time frame super trend buy signal. He noted that the last two instances of this signal resulted in significant price increases of 71% and 162%. He further speculated that if the trend continues, Dogecoin's third pump could reach $0.35.

Another crypto trader, TheFlowHorse, in his latest tweet noted, "With an ETH ETF about to possibly send alts to the stratosphere, the legendary dog is sitting in a really nice area for long."

Also Read: ‘The Dogecoin Explosion Made Something Click In Me:’ Veteran Trader Shares Secrets To Turning Pennies Into Millions With Meme Coins

Why It Matters: IntoTheBlock data notes a 31.3% surge in large transaction volumes to $1.53 billion while daily active addresses expanded by 5.4% to 57,930. Also, transactions greater than $100,000 increased from 241 transactions as of May 19 to 396 transactions as of May 20

At the time of writing, DOGE is trading at $0.1679, up 9% on the day. 86% of Dogecoin holders are in profit, with total exchange inflows outpacing total exchange outflows.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Meme Coins ‘Still Have Plenty Of Upside Left’: Trader Predicts TRUMP, BODEN To Dominate Election Season, Looks To Size Up On Dogecoin

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