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Highlights
- Dogecoin has gained over 16% this week, with open interest sured to $4.5 billion shows strong bullish sentiment.
- DOGE is leading gains alongside BTC, ETH, XRP, and SOL amid softer US PPI data.
- The Rex-Osprey DOGE ETF will begin trading Friday offering both retail and institutional access.
Largest meme coin, Dogecoin (DOGE), has been leading the crypto market rally today, extending its weekly gains to over 16%. With the Rex-Osprey DOGE ETF set to go live for trading on Friday, investor sentiment around the memecoin has turned bullish. Crypto market experts believe that DOGE price could see a 100% rally to $0.50 following the recent breakout.
Dogecoin Leads Crypto Market Rally
Dogecoin (DOGE) is leading the broader crypto market rally today, along with strong upside in Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), gaining 2-5% each. Following the US PPI data release for August, inflationary conditions are showing signs of cooling down, raising the chances of Fed rate cuts. Some market analysts are also pricing in a 50 bps rate cut during the FOMC meeting next week.
Dogecoin price has rallied nearly 20% from the lows of $0.21 last week, and has been on an upward price trajectory. As per the Coinglass data, the DOGE futures open interest has also surged by 10% to $4.59 billion, hinting at strong market sentiment among traders. The short-term DOGE price chart shows the formation of a bullish pennant, showing that the DOGE rally could continue to $0.275.
On the other hand, popular crypto analyst Ali Martinez believes that the chances of an extended rally, where DOGE could gain another 100% from the current levels, all the way to $0.50. For this to happen, bulls need to stage a convincing breakout, with strong trading volumes, past the $0.29 resistance. It could potentially lead to a strong rally for the meme coin moving ahead.
DOGE ETF Launch Drives the Hype
The Rex-Osprey DOGE ETF launch will happen on Friday, September 12, making it the first meme coin ETF launching in the US market. Interestingly, this launch comes along with the launch of several other crypto ETFs like XRP ETF, BONK, ETF, TRUMP ETF, and Bitcoin ETF, from Rex-Osprey. These products have crossed the SEC’s 75-day review period.
The Rex-Osprey Dogecoin ETF is designed to provide access for both retail and institutional investors. Moreover, the potential approval of such ETFs would mark a shift in U.S. regulatory posture, coming despite the SEC’s traditionally cautious stance toward crypto-related products.
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