Dogecoin Surges Beyond Expectations, Gathering Market Momentum

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In recent trading, Dogecoin has captured notable attention by witnessing a 7% gain over the past 24 hours, reaching above the $0.23 threshold. The daily trading volume of this popular memecoin surged by 148%, hitting $2.83 billion. On a weekly scale, Dogecoin appreciated over 10%, recovering from $0.205, making it a focal point of investor interest.

Strong Prospects for Dogecoin ETF Approval

Over the weekend, Dogecoin’s daily trading volume experienced a 125% increase. Market buzz suggests the potential approval of the Dogecoin ETF prepared by Rex-Osprey could occur this week. Analysts have adjusted their price targets for this memecoin to $1 and above, hinting at future possibilities.

Currently, Dogecoin is moving within an expanding wedge formation. On the long-term chart, the price is approaching the logarithmic trendline and is estimated to have an additional upward potential of up to 740% in the current cycle. If the trend holds, the next technical target is cited as $1.40.

According to Polymarket data, the likelihood of approving a spot ETF for Dogecoin once soared to 94%. At the time of reporting, this probability was at 92%. Nate Geraci, President of NovaDius Wealth Management, remarked on his X account that the Rex-Osprey DOGE ETF could receive approval and commence operations this week.

Altcoin Surge Gains Strength

Dogecoin’s rise has sparked movement in the altcoin market. Recently, altcoins like XRP, Solana (SOL), and Hyperliquid (HYPE) have experienced increases. One of the prominent factors includes the expectation of a 50-basis-point interest rate cut in the upcoming Fed meeting on September 17, even though the probability is only 10%.

The possibility of a shift in the Fed’s monetary policy has brought attention to capital inflow in the altcoin market. These developments are seen among the data suggesting that the long-anticipated altcoin season might be regaining strength.

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