Major meme cryptocurrency Dogecoin is seeing an epic surge in trading activity as the volume of derivatives on DOGE has increased by more than 90% in the last 24 hours.
According to CoinGlass, the turnover of Dogecoin perpetual futures has reached the $1.69 billion mark, almost doubling from the day before. Furthermore, according to CoinMarketCap, the volume of DOGE trading on the spot market increased by 64.99% to $1.05 billion.
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DOGE to USD by CoinMarketCap
Summing up, we get a figure of around $2.7 billion for DOGE turnover across various markets. Considering that the market cap of the meme cryptocurrency is $17.83 billion, the ratio of volume to this figure is 15%, which is quite an increase in trading activity.
When Dogecoin ETF?
The increased attention on Dogecoin is likely due to market speculation and renewed rumors of a potential DOGE ETF.
A popular crypto enthusiast known as CryptoKaleo recently reignited discussions on the topic, suggesting that there may be efforts to launch a Dogecoin ETF next year. The significant retail-driven volume seen in stocks such as AMC and GME, coupled with the popularity of Bitcoin ETFs, suggests that a DOGE one could attract significant interest.
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While whether a Dogecoin ETF is a possibility this year or next is an open question, it is right now that DOGE is attracting increased attention, turnover and price changes. The focus on a potential meme coin ETF and the significant increase in trading volume underscores the growing market enthusiasm for Dogecoin.
