- Dogecoin (DOGE), the meme coin, has surged a 25% in the last 24 hours. This happened after the announcement of a possible U.S. DOGE exchange-traded fund (ETF).
- This unexpected boost pushed DOGE’s price above $0.10 after a very long time in months, making the coin more interesting to investors.
- The ETF helps investors get more exposure by opening more opportunities, unlike the traditional way.
Dogecoin (DOGE), the meme coin, has surged a 25% in the last 24 hours. This has been happening in between the excitement of a possible U.S.-situated DOGE exchange-traded fund (ETF). This jump happened after many online news outlets came up with something. The news implied that a large asset management enterprise is assembling a file for the DOGE ETF in collaboration with the U.S. Securities and Exchange Commission (SEC).
At press time, the coin is trading at $0.2838, following a 5.73%, with a volume of $6.28 billion. The memecoin has a market cap of $42.82 billion.
Also Read: Best Crypto To Buy Now: Dogecoin Early Investors Rotate To Pepeto As Doge Loses Steam
Why an ETF Matters for Dogecoin
This unexpected boost pushed DOGE’s price above $0.10 after a very long time in months, making the coin more interesting to investors. An ETF would probably mark a bigger turning point in the coin’s journey. This helps the investors get more exposure by opening more opportunities, unlike the traditional way.
An ETF gives legitimacy,” said crypto analyst Jordan Liu.”It signals to retail and institutional investors that Dogecoin is no longer just a joke- it’s a recognized asset class.” While all this excitement has created a fresh feeling for the cryptocurrency, analysts warn that the memecoin is still highly volatile and can be affected by moves driven by social and public sentiments.
Technical and Social Indicators
According to data from TradingView, the coin is experiencing resistance (yellow) at $0.28743, and the next stop can be $0.30000 if it goes further up. The support line of the coin is at $27738 and can dip to $0.26000 if it goes further down. The moving average indicator shows that the coin is in a bullish trend because the MA line is below the candlesticks. The Moving Average Convergence Divergence indicator also indicates that the cryptocurrency is going in a bullish momentum because the MACD line (blue) is above the Signal line (orange).
According to the data provided by CoinMarketCap, 86% of the traders believe there will be more bullish momentum for the coin. The rest 14% the traders doubt a bearish momentum for the coin. For now, the DOGE community is driving high. More macroeconomic developments and social engagements can decide its future.
Also Read: Dogecoin Price Eyes Breakout Toward $0.30 After Historic U.S. ETF Launch
