Dogecoin, the popular meme coin, demonstrates a steady increase in the last 24 hours, linked to increased interest in the meme coin sector and speculations in the market.
Current Situation in the Dogecoin Market
Currently, Dogecoin (DOGE) is trading at $0.1576, reflecting a 7.44% increase over the past 24 hours. However, it has fallen by 12.49% over the past week. The 24-hour trading volume stands at over $1.53 billion, indicating high liquidity and short-term activity in the market.
ETF Speculation and Institutional Investments
Optimism surrounding the potential approval of a Spot ETF for Dogecoin by 2025 is growing. Analysts from Bloomberg and S&P estimate the chances of approval at 70-90%. This could lead to increased institutional investments in Dogecoin. The launch of the Grayscale Dogecoin Trust also indicates a rising interest in investments in this meme currency.
Technical Analysis and Growth Prospects
From a technical perspective, Dogecoin recently retested the 100-day Simple Moving Average, which had served as dynamic support over the last three months. The current growth is seen as a recovery from an oversold condition after falling more than 20% since mid-June. The RSI has recovered from below 40 to 52, indicating improving market sentiment.
Dogecoin prices show recovery amid rising ETF speculation and signal potential for further growth if key resistance levels are surpassed.
