Dogecoin price slipped about 5% on Friday as the broader crypto market sell-off intensified. It was around $0.1420 at press time, down roughly 53% from its September peak.
Dogecoin price dropped by nearly 5% on Friday as the recent crypto market crash accelerated. It was trading at $0.1420 at press time, down by ~53% from the highest point in September.
The upcoming launches of the 21Shares DOGE ETF (2x DOGE) and the Grayscale DOGE ETF are cited as potential catalysts that could spark a rebound by providing institutional access to the meme coin. The 21Shares product is expected to debut early next week, coinciding with the Grayscale DOGE ETF launch, which could attract American institutional investors.
A potential catalyst for the Dogecoin price rebound is the upcoming launch of the 21Shares 2x DOGE ETF, which is expected to happen early next week. This launch will happen on the same week that the Grayscale DOGE ETF launches, giving American institutional investors a chance to invest in the biggest meme coin in the crypto industry.
However, questions remain about whether these ETFs will attract meaningful inflows. Market participants point to the underwhelming reception to other DOGE-related funds, such as the Rex-Osprey DOGE ETF (DOJE), which has accumulated only about $24 million in assets and trades at a small discount to NAV.
Still, the main challenge is whether these ETFs will attract substantial inflows from investors. A source of concern is that the REX-Osprey DOGE ETF (DOJE), which was launched two months ago has not gained traction among investors. It has gained only $24 million in assets and is now trading at a 2% discount to its net asset values.
Broader altcoin ETF inflows have not prevented ongoing weakness in major coins. For example, Solana has fallen to its lowest level since April despite sizable ETF inflows, and XRP and HBAR have declined after their ETF launches. DOGE’s price action will also hinge on prevailing market conditions in the crypto space.
Another major concern is that altcoin ETF inflows have not prevented the ongoing sell-off in key coins. For example, Solana price has crashed to its lowest level since April despite its ETFs attracting substantial inflows since the launch. Similarly, XRP and HBAR prices have dropped after the launch of their ETFs. The DOGE price action will also depend on the prevailing market conditions in the crypto industry.
In recent weeks, DOGE has faced technical and macro headwinds, with market sentiment influenced by Bitcoin’s moves, whale activity, and broader risk appetite. Traders are watching key support levels and potential resistance zones as new ETF-related inflows enter the market.
Dogecoin price action will also depend on the prevailing market conditions in the crypto industry.
Author's summary: The imminent DOGE-focused ETFs could unlock fresh institutional demand, but near-term upside depends on ETF inflows and overall crypto market momentum.
Author's resume: A concise synthesis of recent DOGE price dynamics, ETF catalysts, and liquidity signals to assess potential near-term moves in the token’s price.