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Will DOGE Price Surge Continue After 21Shares Files for Dogecoin ETF?
Dogecoin (DOGE) has been experiencing a tumultuous few weeks, with the cryptocurrency’s price surging by 6.9% in just 24 hours to reach $0.16 levels. The sudden upswing can be attributed to two major factors: President Trump’s announcement of a 90-day tariff delay and 21Shares filing for a spot Dogecoin ETF.
The DOGE transaction count, which had peaked at 374,700 in mid-March, has now plummeted by a staggering 94% in just one month. This drastic decline indicates that investor interest is waning significantly, potentially foreshadowing a reversal in the cryptocurrency’s price momentum.
Despite this, DOGE whales have not given up on the asset entirely, as they have offloaded an astonishing 1.32 billion DOGE in the last 48 hours alone. This move by the whales could be seen as a sign of their diminished confidence in the near-term price recovery.
The recent surge in DOGE’s price has been largely attributed to speculation surrounding its potential ETF approval. However, given the SEC’s notoriously slow pace in approving cryptocurrency-related applications, it is unlikely that an ETF will see the light of day anytime soon.
In conclusion, while DOGE’s price may continue to fluctuate in response to market conditions and news-driven events, the long-term outlook remains uncertain at best.
Source: https://www.coinspeaker.com/will-doge-price-surge-continue-after-21shares-files-for-dogecoin-etf/
