Why Dogecoin Surged Today: The ETF Speculations & Memecoin Sector Surge Pushes the Price Up

Current Market Scenario: How is Dogecoin Faring Today?

The Dogecoin is currently trading at around $0.1575; the price has increased 2.28% in the past 24 hours. The market cap touched $23.89 billion, a 2.4% increase. Although the price is going up today, the price is below the 10-day Simple Moving Average (SMA) and Exponential Moving Average (EMA). 

Despite the price surge, the investors remain cautious, as suggested by the Fear & Greed Index value of 15 (Extreme Fear). The high volatility of 8.09% is another cause of concern. Yet on the positive side, the MACD histogram is showing a bullish crossover. The 14-day Relative Strength Index (RSI) value of 39 suggests that the token is approaching oversold territory. The RSI nearing 30 suggests the possibility of a rebound.

On the technical side, the meme coin was successful in defending $1.55 level. The traders are now watching closely whether the token can reach $0.2. The major force driving the price of Dogecoin is the anticipation around the ETF launch.

The ETF Speculations & Memecoin Sector Surge Pushes the Price Up

The Grayscale Dogecoin ETF is most likely to make its debut in the upcoming week if the SEC does not interfere. The Grayscale has earlier amended its form to pave the way for automatic approval within 20 days. The X post shared by Eric Balchunas, senior ETF analyst, on Monday,  November 17, noted that based on the 20-day clock, he believed Grayscale would be out with the first Doge ETF in a week, on 11/24. He mentioned that they would see, and it wouldn’t be 100% until the exchange noticed, but based on SEC guidance, it looked good.

The ETFs often attract more institutional investors to the rather volatile crypto market, as they are seen as a regulated way to invest in crypto without direct exposure. Moreover, Bitwise’s Doge ETF is also lined up for launch in the next week, reportedly on November 26. The ETF lineup from major players created a bullish impact on the market, pushing the Dogecoin price up. 

Besides, despite the market-wide slump, the meme coin sector has gained over 3%. The retail investors’ renewed interest in the meme coins became a key factor in driving the prices up, along with encouraging technical signals and speculations about the ETF launches. 

The Uncertainties Over Fed Rate Cuts Raise Concerns

The major threat hovering around the crypto market is the building macropressure due to uncertainties over the Fed rate cuts. Currently, traders believe that the probability of a December 10 Fed rate cut is 46% according to CME FedWatch data. The hawkish policy shift hinted given by the Fed Chair Jerome Powell has sent shock waves to the crypto market, with major tokens including Bitcoin, Ethereum, and XRP plunging. Today, the market is showing signs of recovery with the market cap touching $3.12 trillion. 

Nevertheless, the investors are closely watching the release of job data. The anticipations around reportedly weak October job data are creating a mixed impact in the market, with some believing that a weak labour market may force the Fed to adopt an easy monetary policy. Monetary easing and the consequent availability of liquidity are sure to add renewed momentum to the crypto market. 

Besides, being a memcoin, the Doge’s price is driven by community sentiments and social media narratives, especially from Elon Musk. Thus, the next bullish run may be a tweet away. 

Also Read: BlackRock’s IBIT Sees Record $523M Daily Outflow From Alpha Bitcoin ETF