Dogecoin Sees Epic 90% Pump in Volume as DOGE ETF Talks Heat Up.
Dogecoin's trading volume skyrockets 90% overnight amid DOGE ETF rumors.
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.
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.
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.