Dogecoin climbed 1.5 percent on September 10, reaching $0.25 and marking a 72 percent rebound from its June low. This upward move reflects broader crypto market strength and growing excitement around the upcoming DOGE ETF launch. Investors are watching closely, wondering whether DOGE could rally over 300 percent to hit the elusive $1 mark. The ETF, set to begin trading Thursday, is expected to offer exposure similar to the Staking Solana ETF, fueling speculation and demand.
Derivatives and Spot Volume Signal Strong Interest
The rally coincides with a surge in derivative activity. According to CoinGlass, Dogecoin’s futures open interest rose to $4.2 billion, up from $4.1 billion the previous day and significantly higher than August’s sub $3 billion levels. Rising open interest paired with declining liquidations typically signals bullish momentum, suggesting strong demand in the futures market. Meanwhile, spot market volume hit $2.9 billion, surpassing the combined volume of other meme coins like Shiba Inu, Pepe, and Pudgy Penguins. This spike reflects investor anticipation of ETF-driven inflows and broader institutional interest.
Technical Outlook and Price Forecast
From a technical perspective, Dogecoin appears poised for further gains. It recently formed a double-bottom pattern at $0.1450 and now trades above both the 50-day and 200-day EMAs, indicating solid support. The token continues to build higher highs and higher lows, with an initial target of $0.2872, its July peak. A breakout above that level could push DOGE toward $0.4840, last seen in December. However, a drop below $0.1880 would invalidate the bullish setup. While hitting $1 remains unlikely without a sustained bull run and ETF-driven inflows, DOGE’s current trajectory suggests continued upside potential.
Frequently Asked Questions (FAQs)
- Will Dogecoin reach $1 in the near future?
While Dogecoin has shown strong momentum recently, reaching $1 would require a price surge of over 300 percent from current levels. This scenario would likely need a sustained crypto bull market, successful ETF launches, and significant institutional inflows.
- What is the DOGE ETF and how does it work?
The DOGE ETF is a financial product designed to give investors exposure to Dogecoin without directly holding the token. Similar to the Staking Solana ETF, it allows traditional investors to participate in the crypto market through regulated investment channels.
- When will the DOGE ETF begin trading?
The DOGE ETF is scheduled to start trading on Thursday this week. This launch is separate from other spot Dogecoin ETFs, which are still awaiting regulatory approval and could be introduced later this year.
