Dogecoin (DOGE) Price: 7% Surge as Rex-Osprey ETF Launch Expected This Week

TLDR

• Dogecoin price has surged 7% in 24 hours, currently trading at $0.231
• Daily trading volumes jumped 123% to $2.6 billion
• Rex-Osprey DOGE ETF expected to launch this week
• Polymarket data shows 94% odds for DOGE ETF approval
• Analysts predict potential rally to $1.40 based on logarithmic uptrend pattern

Dogecoin, the world’s largest meme cryptocurrency, has seen a strong price increase over the past 24 hours as market anticipation builds for a potential ETF approval. The popular cryptocurrency has jumped 7% and is now trading at $0.231, bringing its weekly gains to over 10%.

The price movement comes with a dramatic increase in trading activity. Daily trading volumes for DOGE have surged 123%, reaching $2.6 billion as investors position themselves ahead of expected news.

Market data shows DOGE successfully bounced from a recent bottom of $0.205, establishing what appears to be a solid support level. This bounce has given traders renewed confidence in the meme coin’s short-term prospects.

Dogecoin Price on CoinGecko

During the September 7th weekend, Dogecoin saw particularly strong investor interest. Trading volumes spiked 125% over this period, highlighting the growing bullish sentiment surrounding the cryptocurrency.

The primary catalyst for the current rally appears to be the expected launch of the Rex-Osprey Dogecoin ETF. Market experts believe this ETF could go live as early as this week, potentially bringing new institutional money into the DOGE ecosystem.

Technical analysts have identified a broadening wedge pattern in Dogecoin’s multi-year price chart. This pattern suggests each upward movement delivers stronger gains than the previous rally.

Market Expectations and Price Targets

Some analysts have set ambitious price targets for Dogecoin, with predictions ranging all the way to $1.40 based on the continuation of the logarithmic uptrend pattern seen in multi-year charts.

More optimistic market observers have even suggested the possibility of a 740% rally during the current bull run, which would represent one of the most substantial gains in Dogecoin’s history.

The broader altcoin market is also showing strength alongside Dogecoin. Other major cryptocurrencies including XRP, Solana (SOL), and Hyperliquid (HYPE) have posted gains in recent days.

This market-wide strength comes as expectations grow for a 50 basis point Federal Reserve rate cut at the upcoming September 17 FOMC meeting. Such a substantial cut could increase market liquidity and potentially fuel the next altcoin season.

ETF Launch Excitement

The Rex-Osprey team has recently hinted that their Dogecoin ETF launch could happen soon. This news has generated considerable excitement within the cryptocurrency community.

Nate Geraci, President of NovaDius Wealth Management, recently commented on the X platform: “First dogecoin ETF appears likely to launch this week… Rex-Osprey DOGE ETF (DOJE). Get ready. Think we’re in for wild next 2 months for crypto ETFs”.

Data from prediction market Polymarket shows that the probability of a Dogecoin ETF approval has reached 94%, reflecting strong market confidence in the upcoming decision.

The launch of a Dogecoin ETF would follow in the footsteps of the recently approved Bitcoin ETFs, which have attracted billions in investor capital since their introduction.

For investors who missed out on the Bitcoin ETF opportunity, a Dogecoin ETF could present an alternative entry point into the cryptocurrency market through traditional financial instruments.

The current price action has Dogecoin trading within a broadening wedge pattern that has characterized its behavior over several market cycles. Analysts note that this pattern remains intact, supporting the case for continued upward momentum.

Dogecoin’s recent price movement comes as the cryptocurrency approaches its 10-year anniversary, demonstrating remarkable longevity for what began as a joke currency based on an internet meme.

The Rex-Osprey DOGE ETF (DOJE) would allow traditional investors to gain exposure to Dogecoin price movements without directly holding the cryptocurrency, potentially bringing new capital into the market.

Polymarket data indicates a 94% chance of ETF approval, up from lower predictions in previous weeks, showing growing confidence among market participants about the regulatory outcome.