DOGE’s Bullish Outlook: Key Developments and Future Prospects

Amid the recent market downturn, Dogecoin has seen several significant developments that could shape its future trajectory. The launch of 21Shares’ Dogecoin ETP, backed by the House of Doge, marks a major milestone for the meme coin. This article delves into the latest updates and their potential impact on DOGE’s market performance.

What’s Going On With Dogecoin?

Amid the recent market downturn, several developments have occurred in the Dogecoin ecosystem. These include fundamentals that provide a bullish outlook for the foremost meme coin. Recent developments include the launch of 21Shares’ Dogecoin ETP in partnership with the House of Doge, the corporate arm of the Dogecoin Foundation. This is the first fund that the House of Doge is officially backing. The ETP is set to go live in Europe on the SIX Swiss Exchange. Shortly after, 21Shares also filed for a Dogecoin ETF with the US Securities and Exchange Commission (SEC), becoming the third firm to do so, following Grayscale and Bitwise.

Dogecoin Eyes $1 Rally Despite Whale Selling Pressure

Dogecoin is currently trading at $0.15 despite whales selling or transferring more than 570 million Doge last week. On-chain metrics show mixed signals with increased wallets and fluctuating daily active addresses and transactions. Analysts have forecasted a high probability for a bull breakout, with some targeting $1. Despite the selling pressure, DOGE has been holding well above $0.15.

Dogecoin Futures Markets See Surge in Activity Despite Price Drop

Dogecoin has struggled on its price charts, dropping by 1.32% in 24 hours. Despite this, Futures markets for the memecoin are more active than ever. Data from CoinGlass shows Dogecoin Options Volume has surged by 772.4%, hitting $201, with Options Open Interest rising 12.27% to $324.9K. Dogecoin’s total Open Interest climbed 1.26% in 24 hours to $1.55 billion, indicating growing leverage and trader confidence in a potential price rebound.