Dogecoin (DOGE) ETF Hype Trigger Conflicting Growth Metrics
Release: 2024/05/26 05:44 Reading: 321
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=198840
Dogecoin (DOGE) Experiences Hype Amidst ETF Speculation
Dogecoin (DOGE) has surged in popularity within the cryptocurrency ecosystem, fueled by growing speculation that a spot ETF product tracking the coin may receive approval in the near future.
Mixed Reactions for Dogecoin
While Ethereum has garnered significant attention with the approval of a spot ETH ETF, Dogecoin has also enjoyed its share of the spotlight. The passing of Kabosu, the dog that inspired the creation of Dogecoin and the broader memecoin movement, sparked widespread tributes to the coin.
Elon Musk, CEO of Tesla and owner of SpaceX, shared a tribute post that sparked a mild bullish rally in DOGE's price. At the time of writing, DOGE continues to hold some of its gains, rising 3.87% to $0.1706.
Trading Volume Puzzle
Despite the price surge, the 24-hour trading volume has declined by 54.31% to $1,428,386,003. This anomaly is puzzling, as price growth and volume are typically correlated.
Retail Interest Wanes
The low trading volume suggests limited interest in the retail DOGE market. If this trend persists, it could drag the price down during the extended US Memorial Day holiday.
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