Dogecoin’s value drops by 3% before potential approval of spot ETF
Dogecoin experienced a slight decline of about 3% in its price over the last 24 hours as the cryptocurrency market took a hit amid the anticipation of a potential spot exchange-traded fund (ETF) approval. The overall market capitalization of cryptocurrencies worldwide dropped by approximately 2% to $3.48 trillion, with losses across the board among the top 10 digital assets contributing to the downward trend.
Investors have been closely monitoring Dogecoin as they await the potential approval of the first U.S. spot Dogecoin ETF by November 26, subject to SEC approval. The current trading price of Dogecoin stands at $0.1714, with a trading volume of $1.06 billion recorded during the early hours of Wednesday. Despite this, there remains a mixed sentiment surrounding the speculation of a U.S. government shutdown.
Data from CoinMarketCap.com reveals that Dogecoin saw a 3.84% increase in the past seven days within the cryptocurrency market, reflecting the fluctuating sentiment among investors. The market value of DOGEUSD settled at $26.25 billion, positioning it as the ninth largest digital asset within the crypto space. Dogecoin has managed to regain stability following a recent market shakeout that tested traders’ confidence in the asset.
Key support for Dogecoin has been identified around the $0.16 mark, displaying signs of resilience according to technical indicators. With a total supply of 151.73 billion, valued at $26.25 billion at the current time, the price of the meme coin is expected to experience further growth following the anticipated launch of the Doge-linked exchange-traded fund.
The potential approval of a Dogecoin ETF signals broader institutional acceptance of meme coins, reflecting the evolving regulatory landscape. Although whale wallets have offloaded 3 billion DOGE and technical support remains weak, traders have increased their long positions in anticipation of positive developments. Bitwise is gearing up to introduce a Dogecoin ETF, with Coinbase set to act as the custodian, a strategic move that could bolster Dogecoin’s institutional reputation and establish it as a viable mainstream investment option.
In conclusion, Dogecoin’s recent price decline amidst the broader cryptocurrency market shift underscores the impact of external factors such as potential ETF approvals on digital assets’ performance. Investors remain cautiously optimistic as they navigate the evolving landscape of regulatory frameworks and market dynamics surrounding cryptocurrencies like Dogecoin.
