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Highlights
- Analysts predict Dogecoin price could rally to $1.40 on high hopes for ETF approval.
- Broader altcoin market, including XRP, Solana, and Hyperliquid, also gained as expectations for a 50 bps Fed rate cut rise.
- Polymarket data shows 94% odds for DOGE ETF approval.
Dogecoin, the world’s largest meme coin has taken charge of the altcoin market rally today, amid the much-anticipated launch of Rex-Osprey DOGE ETF. The meme coin has surged by 7% in the last 24 hours, and is currently trading at $0.231, with a strong 123% jump in daily trading volumes to $2.6 billion. Over the past week, the meme coin has also surged more than 10% after bouncing from a bottom of $0.205.
Dogecoin Leads Altcoin Market Rally
During the September 7th weekend, DOGE investors have charged in with daily trading volumes surging 125%, highlighting strong bullish sentiment. Experts believe that the Rex-Osprey Dogecoin ETF will go live this week, which could lead to a continued rally for the meme coin ahead. Analysts have already started giving targets of $1 and beyond for the largest meme coin.
On a multi-year chart, DOGE price is now catching up with a logarithmic uptrend, as experts see the possibility of another 740% rally this bull run.
As per the above image, Dogecoin has been trading within a broadening wedge pattern, with each upward move delivering stronger gains than the previous rally. Analysts note that the trend remains intact, with the next potential target for DOGE price at $1.40.
Altcoins Market Shows Strength
Amid the growing expectations for a 50 bps Fed rate cut during the September 17 FOMC, the altcoins market is once again showing strength. Apart from DOGE, other altcoins like XRP, Solana (SOL), Hyperliquid (HYPE), etc. are also showing strength recently.
Fed’s pivot to quantitative tightening could lead to new liquidity infusion in the market. This could potentially set the stage for the next altcoin season.
DOGE ETF Approval Boosts Market Optimism
Last week, Rex Osprey hinted that their DOGE ETF launch could happen soon, triggering strong optimism around the meme coin. In a message on the X platform, Nate Geraci, President of NovaDius Wealth Management, said:
“First dogecoin ETF appears likely to launch this week… Rex-Osprey DOGE ETF (DOJE). Get ready. Think we’re in for *wild* next 2 months for crypto ETFs”.
Furthermore, the data from Polymarket shows that the odds of a Dogecoin ETF approval have surged to 94%. This shows that the chance of approval for the meme coin ETF is rising strongly.
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