The cryptocurrency landscape is currently experiencing a significant shift, with Dogecoin at the forefront of this movement. With the upcoming DOGE ETF launch, growing institutional investments, and technical breakout, Dogecoin is on the cusp of a major breakout.
The DOGE price’s potential journey to the elusive $1 milestone has captivated investors and enthusiasts alike, with several key factors contributing to this surge. This article delves deep into the cryptocurrency’s current performance, its potential price points, and the key drivers.
Dogecoin Price Surges 15%
Currently, Dogecoin is experiencing a positive momentum, with its price making significant rebounds. After a short period of consolidation, the DOGE price started showing bullish signals last week as the meme coin surged from $0.2143 to a seven-month high of $0.3038.
Although the token has dipped from this high, it is still maintaining its bullish momentum, with its price hovering above $0.26. As of press time, DOGEUSD is trading at $0.2662, up 1.5% in a day, 7.8% in a week, and 14.5% in a month. Despite this positive sentiment, traders are showing less interest in the token as indicated by the significant decline of 40% in the $3.3 billion trading volume over the past 24 hours.
Key Drivers of the DOGE Price Surge
Interestingly, the current DOGE price surge is fueled by a combination of factors. This included the imminent launch of a Dogecoin ETF, the increasing institutional investment, and technical signals.
Dogecoin ETF Launch This Week?
As pointed out by Bloomberg analysts Eric Balchunas and James Seyffart, Dogecoin and XRP ETFs of Rex Shares-Osprey will debut this week. The REX-Osprey Dogecoin ETF, ticker DOJE, is slated for a Thursday launch, while the XRP ETF, under the ticker XRPR, is expected to launch this Friday. Both funds will be launched under the Investment Company Act of 1940, which offers a simpler approval path than the Securities Act of 1933 used for spot Bitcoin ETFs.
Analyst Seyffart stated that the DOGE ETF is “more likely than not.” His statement highlights the uncertainty surrounding the ETF approval despite optimistic expectations.
If approved, this Dogecoin ETF will be the first US ETF focused on a meme coin. However, it won’t directly hold DOGE, but will use a Cayman Islands-based subsidiary to gain exposure to DOGE through derivatives like futures and swaps.
CleanCore’s DOGE Investments
The NYSE-listed CleanCore Solutions has expanded its Official Dogecoin Treasury holdings to over 600 million DOGE after acquiring an additional 100 million tokens. Backed by the Dogecoin Foundation and the House of Doge, the company aims to accumulate up to 1 billion DOGE within the next 30 days as part of its strategic plan.
This move is part of Cleancore’s broader strategy to establish Dogecoin as a premier reserve asset, supporting its use in payments, tokenization, and remittances. The company launched its DOGE reserve on September 5, following which the Dogecoin price surged to $0.3 from the mere $0.2417 range.
Elaborating on the company’s vision, CleanCore CIO Marco Margiotta stated,
“Reaching over 600 million DOGE marks a significant milestone and demonstrates the continued progress of our disciplined treasury strategy. Our goal is to establish Dogecoin as a premier reserve asset while supporting its broader use in payments, tokenization, staking-like products, and remittances, and we believe that our transparent accumulation approach is already contributing positively to market confidence in DOGE’s long-term potential.”
Is $1 Target on the Horizon?
Driven by the current positive sentiment and key developments, analysts and experts are highly bullish on Dogecoin. For instance, analyst GandalfCrypto predicted that Dogecoin’s much-anticipated rally to $1 is imminent.
In an X post, the analyst shared a chart, highlighting an Ascending Channel with consistent formation of higher highs and lower lows. The pattern indicates a string bullish trend where buyers are in control, pushing the price higher within the channel.
