Dogecoin Outpaces Bitcoin in Wallet Activity as DOGE ETF Hype Grows

Today, April 22, the DOGE price has experienced a slight decrease in value. Currently, this meme coin stands at nearly $1609 with a 0.60% daily fall in value. However, if we look at the weekly price performance, we see a 1% Dogecoin price surge over the last 7 days. Additionally, based on the market data, in the last 24 hours, this meme coin surpassed  Bitcoin’s performance in select areas. Additionally, with the possibility of the launch of new DOGE ETFs shortly, this meme coin can even reach higher peaks.

Did DOGE Beat BTC in Activity?

In the last 24 hours, Dogecoin recorded an impressive performance as Bitcoin’s surge past $88K created a surge in the crypto market. Based on the market data, DOGE recorded a significantly higher trading volume than usual. Additionally, the wallet activity for this token surpassed that of the number one crypto, BTC. Moreover, Dogecoin also recorded higher daily active addresses and large transactions by  34.91% and 41.12%. Interestingly, Bitcoin’s daily active addresses and large transaction volume both recorded declines of 10.25% and 11.26%, respectively. 

However, when it comes to price performance and trading volume, Bitcoin had the upper hand. BTC recorded a 3% daily increase in value, while its trading volume also increased by 206.23%. In comparison, the Dogecoin price surged only 0.69% in the 24-hour timeframe, and the DOGE trading Volume also increased by 71.40%. As this data shows, the number one crypto has its dominance over the market and remains the top choice for investors. However, as Dogecoin presents a significantly lower market capitalization, the feat of surpassing Bitcoin in some areas remains impressive. 

Are DOGE ETF rumors pushing the Price Higher?

A few fundamental variables could have caused the surge in the mentioned metrics for DOGE. First, April 20, which is named DOGE day, has increased hype and excitement surrounding the token. Additionally, the speculation and rumors about the possible launch of DOGE ETFs could have been one of the causes. This is because several requests for DOGE ETFs from big players in the finance world have been sent to the US SEC. These entities include Bitwise, Grayscale, 21Shares, and Osprey Funds. As such, community members have been waiting for developments regarding this sector and the expected price rally following ETF launches. 

Is a DOGE rally coming?

The current DOGE price action suggests that the price is hovering at $0,1609 with stability. At the current level, we have a strong support zone in the $0.155–$0.157 range. This level can help keep the DOGE price from falling below the critical $0.15 level and even push the value higher after multiple bounces. Moreover, the current price performance could signal an upcoming bullish price movement. 

DOGE/USD daily chart, published on TradingView, April 22, 2025

According to the DOGE/USD daily chart, Dogecoin’s RSI seems to be going up slowly and is now at the 55 mark. This suggests weak bullish momentum, which is also supported by the low ADX score of 17. As such, there is a low possibility that the DOGE price will start a rally to the $0.165 resistance. If the RSI reaches the 65 to 70 range, Dogecoin’s next move becomes very bullish and points toward a $0.175 breakout.

Can DOGE Survive Trade Tensions?

There is also a bearish Dogecoin price prediction scenario where DOGE goes under the $0.150 – $0.155 support range. If this happens, the price might even test the $0.148 support and fall deeper. However, the sentiment is bullish with the current market conditions and macroeconomic developments. Despite this, the danger of further escalation in the trade war remains worrying.