Claim $500Dogecoin (DOGE) ETF Hype Trigger Conflicting Growth Metrics
Highlights
- Dogecoin is recording a relatively conflicting growth performance
- While the price is up 3.87%, the trading volume is down over 50%
- The digital currency's ETF prospect is drawing optimism in the market
Dogecoin (DOGE) is recording a unique hype in the ecosystem, hinging on the growing speculation about securing approval for a spot ETF product tracking the coin in the near future.
Dogecoin Showing Mixed Reaction
While the biggest spotlight in the digital currency ecosystem rested on Ethereum per the approved spot ETH ETF, Dogecoin has had a fair share of the spotlight. The passing away of Kabosu, the dog that inspired the Dogecoin creation and the broader memecoin, sparked many tributes to the coin.
Even Tesla CEO and X owner Elon Musk shared a tribute post that helped stir a mild bullish run in the price of the coin. At the time of writing, DOGE is still sustaining some of its accrued gains, jumping 3.87% to $0.1706. While this sends optimism in a market that is facing mild consolidation, the 24 hour trading volume speaks a different mystery.
Amid the price surge, the trading volume is down by 54.31% to $1,428,386,003. This figure is hard to explain as price growth and volume are expected to show some forms of correlation. At the current level, there’s a a limited interest in the retail DOGE market and if sustained, might drag the price down this long US Memorial Day season.
The Dogecoin Open Interest (OI) metrics, however, paints another unique bullish story. Per data from Coinalyze, Dogecoin open interest in the past 24 hours has soared by 6.86% to $895.7 million. While the retail sector might be filled with bearish interests, DOGE derivatives traders are hyped with the market as shown by the data.
Will SEC Approve DOGE ETF?
When spot Bitcoin ETF products launched in January, there was a general bearish expectation that no other cryptocurrency will bag related approval. However, the speculations changed earlier this week when the SEC approved 8 spot Ethereum ETF products.
With this new product, many market proponents are now hopeful that memecoins like Dogecoin also have a fair chance to bag related approval in the future. Many of these memecoins like Dogecoin started out as a joke, however, many of these tokens are making very crucial pivot to offer utility.
From Shiba Inu’s push to launch Shibarium to Floki’s launch of TokenFi, the terrain is changing. With this, expectation remain that mainstream adoption through ETFs may be secured later.
Read More: XRP SEC Lawsuit Update: Is Ripple Prepared For Torres Decision in Remedies Phase?
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