Dogecoin Is on the Verge of a Pump Says Popular Trader
Dogecoin has attracted attention from traders following significant whale transactions observed on the blockchain. Notable crypto trader Cold Blooded Shiller tweeted about a potential return to DOGE and other major meme coins, reinforcing the belief that Dogecoin is the strongest meme coin.
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Another trader, Kaleo, compared the Dogecoin chart to GameStop, suggesting that Dogecoin is due for a significant increase in value.
Billy Markus, co-author of Dogecoin known as Shibetoshi Nakamoto, expressed pessimism regarding an Ethereum ETF approval, citing concerns about the compromised nature of the SEC.
Why It Matters
Whale Alert reported two transactions involving 200 million DOGE and 118.3 million DOGE from unknown wallets, just hours before the release of this news.
Data from IntoTheBlock showed an increase in transactions over $100,000, rising from 470 transactions on May 14 to 501 transactions on May 15. Additionally, large transaction volume expanded by 7.1% to $1.85 billion. Coinglass data indicated a 4.2% increase in open interest.
Read Also: A Massive Dogecoin Whale Selloff Totalling $30.86 Million Worth of DOGE
At present, DOGE is trading at $0.1513, experiencing a minimal 0.1% decrease on the day.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
