Dogecoin takes off: The Rebirth of the public’s favorite cryptocurrency

dogecoin


IMPORTANT POINTS:

  • Dogecoin on rally: 23% increase in one week.
  • Expectation of Bitcoin ETF approval boosts crypto market.
  • Large financial companies such as Blackrock and Grayscale are betting on spot ETFs.

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While the crypto market exhibits signs of strength and renewed interest, Dogecoin, the famous meme token, is not far behind and shows a rally this Thursday.

A Wave of Crypto Optimism

With Bitcoin experiencing a significant rise in value, the enthusiasm has spread throughout the crypto space, causing riskier tokens, such as Dogecoin, to also climb. This optimism has been influenced in part by the growing expectation surrounding the possible approval of a Bitcoin spot ETF.

Strategic Movements in the Market

Big financial players like BlackRock have recently updated their ETF filings. In parallel, Grayscale is working hard to transform its Bitcoin trust into a Bitcoin spot ETF. This has been reinforced by statements from JPMorgan, which anticipates a likely approval of a spot ETF by the SEC in the coming months.

The Bitcoin Phenomenon and Altcoins

It is an observed trend that altcoins, such as Dogecoin, tend to perform strongly following notable increases in the value of Bitcoin. Recent open interest in Dogecoin futures and other meme cryptocurrencies has seen a 50% increase, according to CoinDesk, which could indicate market anticipation of a higher volatility scenario.

Recent statistics from Benzinga Pro reveal Dogecoin’s rise of more than 23% in a week and almost 8% in the last 24 hours.

Sector Opinions

Anthony Pompliano, belonging to Pomp Investments, shared on CNBC his expectations for Bitcoin, anticipating a rally that could surpass its previous highs by hundreds of percentages in the next bull cycle. This move, according to Pompliano, could lead to even bigger gains for more volatile cryptocurrencies like Dogecoin. Furthermore, he stressed that many prominent investors are choosing to acquire these assets at currently depressed prices.

Despite failing to reach its all-time high of 74 cents again, Dogecoin maintains its iconic status among retail traders. It has recently been trending on Stocktwits and remains among the most prominent tokens of the moment.