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

Zinger Key Points
  • Dogecoin rallied 9% amid whale transactions, with daily active addresses expanding significantly.
  • One crypto trader highlighted a super trend buy signal on its daily time frame with a price target of $0.35.

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.

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."

Benzinga Future of Digital Assets conference

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

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsTop StoriesExpert IdeasMemeCoins
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!