Dogecoin Surges 7.966% as SEC Acknowledges ETF Application

Dogecoin's latest price was $0.2320, up 7.966% in the last 24 hours. This surge in activity has reached new six-month highs, suggesting a potential revival of bullish sentiment for Dogecoin. One of the key drivers of Dogecoin's recent attention is the acknowledgment by the SEC of the spot ETF application from 21Shares. This acknowledgment has sparked a 240-day countdown that ends in January 2026, with prediction markets now putting the probability of a DOGE ETF in 2025 at 66%. This development has caught the attention of institutions, with futures open interest jumping 70% to $1.65 billion on the same day the SEC’s acknowledgment was announced. Funds like 21Shares and Bitwise are pushing for physically backed ETFs with low fees and serious liquidity, further fueling the hype around Dogecoin.

The Dogecoin Foundation has also been actively working on expanding the utility of Dogecoin. Dogebox, a new infrastructure project, aims to onboard one million small businesses by helping them self-host DOGE payments. Additionally, DogeOS recently raised $6.9 million to expand Dogecoin’s on-chain utility, indicating a continued effort to build and innovate within the Dogecoin ecosystem. Despite the positive developments, Dogecoin has yet to replicate the major exploits it experienced during the 2020-2021 bull market. The cryptocurrency has not come close to its $0.7 All-Time High price point, and a major rally remains elusive. However, the recent surge in on-chain activity and the growing institutional interest suggest that Dogecoin may be poised for a comeback.

On-chain data shows that over 69.5% of open Dogecoin positions on Binance Futures are long, indicating a spike in trader optimism following recent DOGE price movements. The futures market gives an outlook on traders leaning towards the next cycle, with DOGE holders set for a price climb if the status quo remains unchanged. The long-to-short ratio is 2:2, signaling a trade imbalance that often leads to volatility. Expert trader Ali Martinez hinted that the long positions on Binance soared past 75% over the weekend, although present figures dropped in hourly trading, overall sentiment remains stable behind a price uptick.

Binance volume is also key to the bulls’ reaction to open long positions. Traditionally, positive Binance metrics propel market participants into an accumulation phase. DOGE price trades at a 4% rally in the past 24 hours, with weekly gains for the leading meme coin moving past 43%, igniting multiple breakout attempts. Over the past week, DOGE holders have flagged the $0.5 price mark as the next target, indicating a bullish outlook for the cryptocurrency. Dogecoin enthusiast Krisspax wrote that recent price surges have set the tone for a massive jump, citing a cup and handle pattern forming where if Dogecoin gets back to $0.25 it’s a path to go even higher. This positive sentiment is further fueled by the growing institutional interest and the potential approval of a DOGE ETF, which could lead to a parabolic run for the cryptocurrency.

In summary, Dogecoin is currently experiencing a surge in on-chain activity and growing institutional interest, which could pave the way for a potential comeback. The cryptocurrency has yet to replicate its past successes, but the recent developments suggest that it may be poised for a major rally in the coming months. The broader positive sentiment in the cryptocurrency market, along with the potential approval of a DOGE ETF, could further fuel the bullish momentum for Dogecoin.