Amid the broad market resurgence experienced today, Dogecoin made headlines after posting significant gains in large transaction volume and wallet activity, surpassing Bitcoin, according to data from IntoTheBlock.
The data shows Dogecoin outperforming Bitcoin in large transaction volume and daily active addresses by 41.12% and 34.91% respectively. Bitcoin, on the other hand, recorded declines of 11.26% in large transaction volume and 10.25% in daily active addresses despite the general market rebound.
Bitcoin still leads in price and trading volume
Despite Dogecoin’s standout performance in whale and user activity, Bitcoin maintained its dominance in daily gains and trading volume. According to CoinMarketCap, Bitcoin recorded daily gains of over 3% and a massive 206.23% surge in trading volume during the market rally.
Dogecoin, by comparison, saw only a modest price increase of 0.69% since the previous day, although its trading volume jumped by 71.40%.
While Bitcoin remains the top choice for daily traders and retail investors, the drop in its large transaction volume suggests that corporate and high-profile investor activity may have slowed. This has seemingly opened the door for DOGE whales to step in.
DOGE ETF review in play
Despite trading at frequent lows in recent weeks, bullish sentiment for Dogecoin is rising, largely due to speculation surrounding a potential DOGE ETF.
Excitement grew after the annual Doge Day celebration on April 20—a day dedicated to the Dogecoin community’s support for the asset, which sparked renewed hype and optimism. During the event, attention turned toward the U.S. SEC’s ongoing review of Dogecoin ETF proposals, pushing the conversation to center stage.
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While proposals from major asset managers like Bitwise, Grayscale, 21Shares, and Osprey Funds are still under SEC review, investor sentiment suggests growing hope for a possible DOGE ETF approval, potentially as early as May 18.
If approved, investors believe the DOGE ETF could trigger a significant price breakout in 2025, especially considering the current uptick in whale activity and user engagement.
