Amidst volatility in the cryptocurrency market, Dogecoin shows a significant decrease in trading volumes, yet new investment instruments are emerging.
Overview of Dogecoin Market Situation
According to CoinMarketCap, Dogecoin managed to reach a trading activity of $1.95 billion despite a 25% decline in trading volume over the last 24 hours. Currently, DOGE is down 5.41% in the last day, trading at $0.146. The decline was also noted on a weekly basis, with a drop of 14.6%. However, trader interest remains high despite price decreases.
ETP Launch on SIX Swiss Exchange
21Shares, a leading issuer of crypto ETPs, announced the launch of a fully backed Dogecoin ETP on the SIX Swiss Exchange with the ticker DOGE. This product will be the first and only Dogecoin ETP endorsed by the Dogecoin Foundation, developed in collaboration with the House of Doge.
Future Prospects for Dogecoin
Amidst volatility, most traders are waiting for market stabilization. The $0.14 level will serve as a key support that traders will defend. If this fails, it may result in retesting $0.12. On the upside, $0.18 serves as key resistance, and breaking above it may indicate a waning bearish trend.
The situation in the Dogecoin market remains tense, but the launch of the ETP offers new opportunities for investors, which might change the trading volume dynamics.
