Dogecoin surges 6.63% amid ETF speculation and Coinbase integration

Dogecoin (DOGE) experienced significant volatility over the past 24 hours, initially surging to $0.20 before retreating to $0.191, marking a 6.63% swing. This price action occurred amidst renewed interest in meme tokens following a series of market disruptions. The meme coin found support near key levels, indicating that institutional buyers might be accumulating positions despite retail traders' caution.

In late trading, Dogecoin showed signs of a V-shaped recovery pattern, rising to $0.192 as trading volume increased. However, resistance remained above the $0.20 mark, suggesting that further gains could be challenging. The recent price movements follow a period of heightened speculation about the potential approval of a Dogecoin ETF by the U.S. Securities and Exchange Commission (SEC). According to Polymarket data, there is a 51% chance of the ETF being approved by 2025, which could attract significant institutional capital into the market.

Adding to the positive sentiment, Dogecoin's integration with Coinbase’s Base network brings wrapped Dogecoin to the DeFi ecosystem on a large scale for the first time. This integration adds functional value to the meme coin, potentially enhancing its utility and appeal to a broader range of investors. The combination of increased institutional interest and technological advancements positions Dogecoin for potential growth, despite the current market volatility.