Dogecoin Surges 7% as ETF Speculation Fuels Altcoin Rally
Dogecoin (DOGE) is experiencing a surge, increasing by 7% in the last 24 hours to $0.231, driven by speculation surrounding a potential Rex-Osprey Dogecoin ETF. Daily trading volume rose by 123% to $2.6 billion.
Key points include:
- The odds of DOGE ETF approval this week are at 94%, according to Polymarket.
- Nate Geraci from NovaDius Wealth Management suggests the first Dogecoin ETF may launch this week.
- Technical analysts identify a long-term uptrend for DOGE, with resistance levels targeted at $1.40 and possibly $1.50 if momentum continues.
- Open interest in DOGE futures increased by 14.5% to $3.81 billion, with bullish options activity more than tripling.
- Crypto strategist Javon Marks predicts an 860% upside for DOGE, with a target of $2.28 in the next cycle.
Other altcoins such as XRP, Solana (SOL), and Hyperliquid (HYPE) are also benefiting from the rally. Market optimism is further supported by expectations of a 50 basis point Fed rate cut on September 17, which could enhance liquidity for risk assets.
If approved, the Dogecoin ETF would be the first U.S.-listed investment product linked to a meme coin, potentially increasing institutional access and reinforcing DOGE's market position.
Investors are closely monitoring regulatory developments and technical indicators as Dogecoin aims for the $1.50 milestone.
