Dogecoin recently caught significant attention in the crypto market as its value rose by 7% in a single day, surpassing the $0.23 mark. The cryptocurrency’s daily trading volume surged by 148%, reaching $2.83 billion. Within the past week, Dogecoin saw a 10% increase, rebounding from $0.205 and drawing considerable interest from the market.
What is the Outlook for Dogecoin ETF?
Dogecoin’s weekend trading volumes showed a dramatic 125% growth. Speculation is rife about a possible green light for the Dogecoin ETF by Rex-Osprey this week. Market experts have raised their price predictions for the popular memecoin to $1 or more, suggesting bright prospects ahead.
Dogecoin is currently navigating an expanding wedge pattern. The long-term charts indicate an approach towards the logarithmic trendline, with a 740% potential increase in the current cycle. If this trend persists, a future technical target of $1.40 is anticipated.
Are Altcoins Following Dogecoin’s Lead?
Indeed, Dogecoin’s upward movement has invigorated the altcoin landscape. Cryptocurrencies such as XRP, Solana (SOL), and Hyperliquid (HYPE) have witnessed gains. Anticipation of a 50-basis-point rate cut by the Federal Reserve in the upcoming September 17 meeting, albeit with only a 10% chance, is a contributing factor.
This possible shift in monetary policy by the Fed has grabbed attention and possibly spurred capital inflow into altcoins. Analysts see these signs as the onset of another potentially robust altcoin season.
“The approval of the Rex-Osprey DOGE ETF could happen this week,” stated Nate Geraci, President of NovaDius Wealth Management, on his X account.
Key takeaways from the recent developments include:
- Dogecoin’s price increased by 7% in 24 hours, rising past $0.23.
- The trading volume for Dogecoin increased by 148% to $2.83 billion.
- The Dogecoin ETF by Rex-Osprey is likely to be approved soon.
- The probability of the Dogecoin spot ETF approval is currently at 92%.
- Altcoins like XRP, SOL, and HYPE are gaining traction, influenced by potential Fed rate cut talks.
Dogecoin’s upward trajectory continues to capture the market’s excitement. As optimism remains high over its impending ETF approval and broader market implications, investors are keen to monitor how these factors will shape the cryptocurrency’s future. The digital currency’s capacity to affect altcoin movements highlights its increasingly pivotal role in the crypto ecosystem.
