Recent reports indicate that Dogecoin has shown a notable rise of 32%, driven by Elon Musk's statements and the anticipation surrounding an ETF for the cryptocurrency.
Dogecoin Rises 32% on Musk's Latest Statement
In the last day, Dogecoin experienced an increase of more than 32%, attributed to Elon Musk's statements and the anticipated launch of an ETF for Dogecoin. Historically, Musk, the CEO of SpaceX and Tesla, has been linked to immediate price hikes in Dogecoin due to his public endorsements.
Trading Volume Hits $3.67 Billion
The immediate market response included a surge in trading volume, reaching $3.67 billion within 24 hours, positioning Dogecoin among the top-10 cryptocurrencies by market cap. Institutional interest is clear, with significant wallet accumulation noted.
Previous Musk-Inspired Rallies Offer Insight
Dogecoin has shown sharp price spikes after similar events, like the rallies driven by Musk's attention in May 2021. These instances often lead to high volatility, with rapid price corrections following initial excitement.
The prospective ETF launch situates Dogecoin uniquely among meme coins. However, history has shown that similar ETFs involving more established cryptocurrencies have brought mixed results, indicating potential outcomes that include significant pullbacks if sustained growth is not achieved.
