Following the approval of Spot Ethereum ETF, ETFs for other cryptocurrencies have generated hype, including Dogecoin. Currently, Dogecoin (DOGE) is registering a unique hype in the ecosystem, which depends on the speculation of applications for a spot ETF product that will soon follow the coin.
Ether was the second cryptocurrency to get its own ETF, following the historic approval of the Spot Bitcoin ETF in January 2024. Following the approval of both assets, the price of their respective currencies increased. Therefore, any perspective of Dogecoin ETFs will light a fire under DOGE. However, current ETF speculation for DOGE is seeing mixed price reactions.
At the time of writing, DOGE is trading at just over $0.16. The coin is down 1% in the past week and is moving very little. The coin had a little momentum earlier in May, as evidenced by its 9% climb in 30 days. However, currently the currency remains static.
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On the other hand, trading volume for this asset has increased by almost 10% in the last 24 hours, indicating increased interest in DOGE. Elon Musk's support of cryptocurrency also tends to boost assets, as well as Bitcoin's performance. After a price surge in mid-May, Bitcoin is also stagnant at around $68,000, which has slowed the entire market outside of Ethereum.
Traders and crypto market watchers are still interested in DOGE as it is the most popular meme coin in the cryptocurrency market. However, the price does not yet seem to reflect that interest. An increase in trading volume can be related to price movements in an asset, but that has not happened yet for Dogecoin. Fortunately, while the momentum is not yet bullish, it is not yet bearish. Price predictions for June see the coin remain at its current price level and not drop below $0.14.