Dogecoin (DOGE) surged into the spotlight during today’s broader crypto market rally, outperforming Bitcoin in several key on-chain metrics. According to data from blockchain analytics firm IntoTheBlock, Dogecoin recorded a 41.12% lead over Bitcoin in large transaction volume and outpaced it by 34.91% in daily active addresses.
In contrast, Bitcoin saw an 11.26% drop in large transaction volume and a 10.25% decline in daily active addresses—despite posting a more robust price performance during the rally. Bitcoin registered over 3% in daily gains and a staggering 206.23% jump in trading volume, per CoinMarketCap.
Dogecoin, meanwhile, posted a modest 0.69% increase in price but saw its trading volume rise by 71.40%. The divergence underscores a growing trend: while Bitcoin retains dominance in retail trading and headline momentum, high-value and user-driven engagement appears to be leaning in Dogecoin’s favor—particularly from whales and large wallet holders.
DOGE ETF Sparks Renewed Optimism
Adding fuel to Dogecoin’s rising profile is renewed optimism over a potential DOGE exchange-traded fund (ETF). Buzz intensified following the community-driven Doge Day celebration on April 20, which highlighted renewed enthusiasm for the meme-based asset and brought attention to regulatory developments.
At the heart of the conversation is the U.S. Securities and Exchange Commission’s (SEC) ongoing review of multiple DOGE ETF proposals submitted by major asset managers, including Bitwise, Grayscale, 21Shares, and Osprey Funds. While no approval has been granted yet, speculation is mounting that a decision—potentially in favor of approval—could come as early as May 18.
Should the DOGE ETF be greenlit, analysts and investors anticipate a substantial price surge for Dogecoin, especially when paired with the increasing whale activity and user engagement already underway. Many see it as a pivotal moment that could propel DOGE out of its recent lows and into a new bullish phase in 2025.
With technical metrics improving and market sentiment shifting, Dogecoin may be positioning itself as more than just a meme—potentially evolving into a serious contender in the crypto investment landscape.
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