TLDR
- Dogecoin price rises 7% in 24 hours, reaching $0.231.
- Daily DOGE trading volume jumps 123% to $2.6 billion.
- Polymarket shows 94% odds for DOGE ETF approval this week.
- XRP, SOL, and HYPE also gain amid Fed rate cut expectations.
Dogecoin is leading gains across the altcoin market as hopes rise for the approval of the Rex-Osprey DOGE ETF. The meme coin has jumped 7% in the last 24 hours, with trading volumes spiking to $2.6 billion. This move comes as market participants bet on an ETF announcement within the week, driving Dogecoin to outperform many other altcoins.
DOGE Price Surges as ETF Launch Nears
Dogecoin is trading at $0.231 after a 7% rise in 24 hours. The price increase followed a 123% surge in daily trading volumes, which reached $2.6 billion. Over the past week, DOGE has gained more than 10%, rebounding from a low of $0.205. Market analysts have noted a strong increase in investor activity, especially over the September 7 weekend.
Polymarket data shows a 94% chance of ETF approval, up from previous levels. The DOGE ETF, issued by Rex Shares under the name “Rex-Osprey DOGE ETF (DOJE),” is expected to launch within days. “First dogecoin ETF appears likely to launch this week,” said Nate Geraci, President of NovaDius Wealth Management, on X.
Analysts See DOGE Rally Continuing
Market observers say DOGE is now moving in line with a long-term logarithmic uptrend. Technical charts show that the coin is following a broadening wedge pattern. During previous rallies, this pattern has produced stronger upward moves. Analysts tracking this pattern see the next resistance at $1.40.
Dogecoin eyes 740% upside | Source: Bitcoinconsensus
DOGE is now catching up to long-term trendlines after lagging behind earlier in the year. If the rally continues, it could mark another major upward cycle for the coin. A possible 740% increase is being discussed in some forecasts, based on historical patterns. However, price levels depend on ETF approval and broader market conditions.
Altcoin Market Gains Momentum
Other altcoins are also rising alongside DOGE. XRP, Solana (SOL), and Hyperliquid (HYPE) have posted gains in recent sessions. Traders are also factoring in a possible 50 basis point rate cut at the Federal Reserve’s September 17 meeting. This has led to a shift in sentiment across crypto markets.
The broader market is responding to the possibility of a Fed pivot, which could bring more liquidity. Rate cut expectations have been rising amid mixed economic data and inflation concerns. If the rate cut happens, altcoins could benefit from renewed investor interest.
ETF Optimism Lifts Sentiment
The DOGE ETF is expected to be among the first meme coin ETFs in the U.S. Rex Shares has not provided an exact date, but ongoing market signals suggest that approval may be close. The DOGE ETF would join a growing list of crypto investment products, following the launch of Bitcoin and Ethereum ETFs earlier this year.
Data from prediction markets like Polymarket suggest traders are confident about the launch. The 94% approval odds reflect growing belief in regulatory progress. Traders have increased DOGE exposure ahead of the potential listing. This has helped DOGE take the lead in the altcoin rally, pushing sentiment across other crypto assets.
As the market waits for official confirmation, DOGE continues to drive momentum. The ETF launch could shape short-term price moves, while broader factors like Fed decisions may influence the next phase of the market.
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