Following the approval of Spot Ethereum ETF, ETFs for other cryptocurrencies have been generating hype, including Dogecoin. Currently, Dogecoin (DOGE) is recording a unique hype in the ecosystem, hinging on the speculation about applications for a spot ETF product tracking the coin soon.
Ether was the second cryptocurrency to receive its own ETF, following landmark Spot Bitcoin ETF approval in January 2024. Following the approval of both of these assets, their respective currencies boomed in price. Hence, any perspective of Dogecoin ETFs will light a fire under DOGE. However, the current ETF speculations for DOGE are generating mixed price reactions.
At press time, DOGE is trading at just over $0.16. The coin is down 1% in the past week, moving very little. The coin did have slight momentum earlier in May, as shown in its 9% 30-day climb. However, currently, the coin remains static.
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On the other hand, trading volume for the asset is up nearly 10% in the last 24 hours, showing heightened interest in DOGE. Elon Musk’s support of cryptocurrency also fuels the asset often, as well as the performance of Bitcoin. Following a boom in price in mid-May, Bitcoin is also static at around $68,000, thus the entire market outside of Ethereum has slowed.
Traders and crypto market watchers still have an interest in DOGE, as it is the most popular meme-coin on the cryptocurrency market. However, the price doesn’t appear to be reflecting that interest just yet. Trading volume booms can correlate to price movement in an asset, but that hasn’t happened for Dogecoin yet. While momentum isn’t bullish yet, fortunately, it isn’t bearish yet. Price predictions for June see the coin remaining at its current price range, not sinking anywhere below $0.14.