Dogecoin price displayed a modest 2.4% increase over the past 24 hours, with the crypto giant now trading around $0.1596, based on CoinGecko data on Monday. Around 6.96 billion DOGE, or a total wallet worth of almost $1.09 billion, was moved during this time.

This movement took place despite a wider drop on the overall crypto market, with several key players like Bitcoin, Ethereum, and BNB all showing price declines. Nonetheless, the trading volume dropped by almost 46% compared to the previous day.

This sharp dip in volume suggests something is fundamentally wrong. There is also a negative sign when volume decreases while prices rise, indicating that the buyers are not that much involved in the rally; this can also dim the foundation of the rally.

Price Swings Suggest Weak Support

On Monday’s morning trade, Dogecoin was seen moving between a low of $0.1494 and a high of $0.158.

While the cryptocurrency posted a daily gain, it has dropped more than 6% over the past week. These fluctuations suggest unstable support levels that could put pressure on the price.

suggest that Open Interest in Dogecoin futures has slipped by 1%, landing at $1.43 billion.

This drop signals that fewer traders are willing to hold onto positions, especially in uncertain conditions. A short-term pullback becomes more likely if interest continues to fade.

A crypto analyst who is familiar with DOGE’s trading patterns said that this kind of volume shift doesn’t usually back a strong uptrend. It’s more like the market is in a "mopping up" stage after a brief burst of activity.

CoinDoge ETF Filing

Interest in Dogecoin from larger firms continues to grow. Earlier this week, 21Shares filed an S-1 form with the U.S. Securities and Exchange Commission to launch a Dogecoin ETF.

If approved, this would allow investors to gain exposure to DOGE through a regulated investment product, without needing to buy and store the asset directly.

This filing follows similar efforts from Grayscale and Bitwise, making 21Shares the third firm to take this step in applying for a listing of the memecoin ETF. The process now moves to the next phase, where a 19b-4 form must be submitted to begin official SEC review.

Separately, 21Shares has also partnered with the House of Doge to bring an exchange-traded product to Europe. These moves could broaden access to DOGE for institutional and retail investors.