Price of Dogecoin (
$DOGE ) reflects
$XRP surge as SEC notes Grayscale ETF filings
Friday's 3% increase in dogecoin price crossed the $0.28 barrier for the first time in ten days.
Declared short traders settling positions, dogecoin open interest at $2.42 billion dropped by $60 million in the last 48 hours.
Technical signs point to the DOGE rally maybe starting another leg-up in the next days.
Friday's 3% price increase for Dogecoin extends its weekly period gains to 17% as ETF interest picks up steam. The most recent positive DOGE price breakout resulted from the U.S. Securities and Exchange Commission (SEC) acknowledging Grayscale's XRP and Dogecoin ETF applications.
With changes in the presidential government, Dogecoin price movement has been on a rise in recent months. Media attention on Dogecoin has been raised by Elon Musk's growing participation in Donald Trump's government and founding of the D.O.G.E. (Department of Government Efficiency). Friday after the official recognition of Grayscale's ETF registrations for XRP and DOGE, the optimistic story became more robust.
Although the SEC's regular procedure includes acknowledgement, it suggests a possible change in the agency's attitude on altcoins-related ETFs.
Similar submissions were turned down outright under previous Chair Gary Gensler.
Over the day period, the price of Dogecoin surged over 3%, thereby extending its weekly gains to 17.3%. The first time it surpassed $0.29 in ten days, the cryptocurrency indicated fresh market hope.
Press time finds Dogecoin's market value at $41.4 billion, which reflects increased investor interest and ETF-driven speculation.
DOGE Open Interest dips show the $60 million surrender of short traders.
Though Dogecoin's 3% gains in the spot market show promise, derivatives market patterns point to significantly more upward possibility. Data from Coinglass shows that over the last 48 hours, the open interest in Dogecoin has dropped $60 million, now at $2.42 billion.
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