Despite a general downturn in the cryptocurrency market, Dogecoin has captured attention by gaining around 1% in value over the past 24 hours, albeit with a noticeable decline in trading volumes.
Price Fluctuations and Volume Warning
Dogecoin's price movements fluctuated between $0.1494 and $0.158 throughout the day. While this limited rise compensates for short-term losses, a weekly chart shows a drop exceeding 6%. The 45% decrease in trading volume is seen as a critical signal for market participants.
Spot Dogecoin ETF Application on the Horizon
Interest in Dogecoin investments continues from institutional players as well. Swiss asset management firm 21Shares has submitted a DOGE ETF application to the U.S. Securities and Exchange Commission. This application marks the third official request, following similar initiatives from Grayscale and Bitwise.
General Market Stagnation Persists
The short-term activity observed in Dogecoin sharply contrasts the grim atmosphere prevailing in the overall cryptocurrency market. Declines in leading cryptocurrencies like Ethereum indicate that the market is still unable to define a clear direction.
While Dogecoin’s limited rise is noteworthy, the prevailing atmosphere of unease in the broader market remains unshaken.
