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Dogecoin (DOGE), the king of meme coins, has staged a big rebound as the volume recorded a massive uptick in the last 24 hours. DOGE’s price has climbed by over 2.55%, higher than Bitcoin’s 2.5%. CoinMarketCap data shows Dogecoin’s volume has skyrocketed by more than 65% within this period.
Is SEC decision on DOGE ETFs behind market optimism?
Dogecoin is witnessing this level of volume increase as the market anticipates key decisions from the U.S. Securities and Exchange Commission (SEC). Notably, the SEC has a deadline to rule on over a dozen DOGE exchange-traded funds (ETFs). The SEC has to decide on these applications in October.
The volume spike might be a sign that investors are actively accumulating the meme coin in anticipation of a possible approval. Many believe that an approval could increase institutional adoption and trigger further price increases.
Polls on the crypto market have placed the approval chances of the spot DOGE ETF at 92%.
Additionally, the Altcoin Season Index has increased to 66, signaling more funds are rotating from Bitcoin to assets like DOGE.
As of press time, the Dogecoin price was changing hands at $0.2369, which represents a 3.27% increase in the last 24 hours. The meme coin, within this time frame, rose from a low of $0.2292 to a peak of $0.2375, suggesting potential for higher price levels.
The trading volume has soared by 80.25% to $2.35 billion as market participants are gripped by a fear of missing out (FOMO). They are likely accumulating the asset as the price is still below the critical $0.30 level.
If DOGE can break out above this price resistance level, the meme coin could proceed to post impressive gains. Some believe that this might be the last opportunity for investors to buy Dogecoin cheaply, as prices could soar astronomically if technical patterns align.
Utility push adds long-term value for Dogecoin
Meanwhile, Timothy Stebbing, Director, Dogecoin Foundation, is pushing for more utility for the meme coin. Stebbing argued that increased utility will drive the adoption of DOGE in the broader financial space. The goal is to ensure that DOGE gains acceptance and pulls in more users to the ecosystem.
The meme coin’s golden cross formation could support its upward movement and allow it to exit bear traps in the market. Dogecoin is likely to surge past $0.50 if a bullish breakout occurs, and the leading cryptocurrency, Bitcoin, records a surge too.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team