Dogecoin surges on ETF hopes… highest in 6 weeks

Doohyun Hwang

Summary

Dogecoin (DOGE) reached its highest level in six weeks, driven by expectations for an exchange-traded fund (ETF) launch and improving macroeconomic conditions.
24-hour trading volume increased 40%% with concentrated buying, and the weekly gain exceeded 22%%, showing higher returns compared with major crypto assets.
In the Dogecoin futures market, the share of long positions remained high at over 71%%, and the listing of the first Dogecoin ETF product was reported to be postponed until next week.

Dogecoin (DOGE) surged on expectations for an exchange-traded fund (ETF) launch and a favorable macroeconomic backdrop.

On the 11th (local time), according to CoinMarketCap, Dogecoin intraday surpassed 0.26 dollars, marking the highest level in six weeks. 24-hour trading volume increased 40%, showing a concentrated buying trend. Dogecoin's weekly gain exceeded 22%, outperforming major crypto assets such as Bitcoin (BTC) and Ethereum (ETH).

Speculative demand also grew. According to crypto asset data platform CoinGlass, Dogecoin futures open interest (OI) rose 5.27% on a 24-hour basis. In particular, more than 71% of investors holding Dogecoin positions in the Binance futures market were maintaining long (buy) positions.

This rally was driven by expectations for the first Dogecoin ETF launch. However, contrary to markets that had expected it to list on that day, the listing plan has reportedly been postponed to next week. The product is the 'REX-Osprey Doge ETF' being jointly prepared by Osprey Funds and Rex Shares. The ETF is structured to hold Dogecoin spot and derivatives together through a Cayman Islands subsidiary.

DOGE