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."
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.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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