Dogecoin (CRYPTO: DOGE) prompted bullish predictions from traders after significant whale transactions were observed on the blockchain.
What Happened: Heavily followed crypto trader Cold Blooded Shiller, in a Thursday tweet, sees a "Return to DOGE (and other major memes)," doubling down his previous thesis that Dogecoin is the strongest meme coin.
Crypto trader Kaleo compared the Dogecoin chart to GameStop, saying "Dogecoin is overdue for a good pump. It’s almost time."
Dogecoin co-author Billy Markus, famously known as Shibetoshi Nakamoto, responded to an Ethereum ETF approval discussion. He is pessimistic about an approval, saying the SEC is "compromised anyway. " He believes nothing good will come out until the house is cleaned.
Also Read: Dogecoin Layer-2 Developments Boost Trader Outlooks: ‘Worth Keeping An Eye On Here’
Why It Matters: Whale Alert highlights the movement of 200 million DOGE spread across two transactions from an unknown wallet. Another unknown wallet received 118.3 million DOGE coins from an unknown wallet. All these transactions happened a few hours before the the release of this story.
IntoTheBlock data notes a rise in transactions greater than $100,000 from 470 transactions as of May 14 to 501 transactions as of May 15. Large transaction volume expanded by 7.1% to $1.85 billion. Coinglass data indicates a 4.2% increase in open interest.
Price Action: At the time of writing, DOGE is trading at $0.1513, down 0.1% on the day.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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