Dogecoin, the eighth cryptocurrency by market cap, is once again in the spotlight as it leads the altcoin market rally. At the time of press, the token has surged by an amazing 10% in the past week and is now trading at $0.2320, with daily trading volumes soaring by 152% to $2.85 billion.
DOGE ETF Hype Drives Bullish Sentiment
The primary driver behind this renewed enthusiasm is the much-anticipated launch of the Rex-Osprey Dogecoin ETF (DOJE). Market experts suggest the ETF could go live this week, sparking a wave of investor optimism. Analysts are already floating ambitious targets, with some predicting DOGE could hit $1 and beyond in the upcoming cycle.
Technical charts further support this outlook. On a multi-year logarithmic uptrend, Dogecoin has been trading within a broadening wedge pattern, with each rally stronger than the last. Analysts note that this trend remains intact, projecting that DOGE could surge as high as $1.40 if the pattern continues. Some even forecast a potential 740% upside in this bull run
Altcoin Market Gains Strength
Dogecoin’s momentum comes at a time when the broader altcoin market is also flashing strength. XRP, Solana (SOL), and Hyperliquid (HYPE) have all shown signs of recovery, aided by growing expectations of a 50 basis point Federal Reserve rate cut during the September 17 FOMC meeting. Such a move could inject new liquidity into the market, setting the stage for a fresh altcoin season.
The Fed’s policy pivot toward easing has historically acted as a tailwind for risk-on assets, including cryptocurrencies. With liquidity conditions improving, meme coins like Dogecoin could see outsized gains compared to traditional altcoins.
ETF Approval Odds Surge
Adding to the excitement, last week Rex Osprey hinted that their Dogecoin ETF could launch imminently. The news ignited optimism, further amplified by industry voices. Nate Geraci, President of NovaDius Wealth Management, wrote on X:
“First Dogecoin ETF appears likely to launch this week… Rex-Osprey DOGE ETF (DOJE). Get ready. Think we’re in for wild next 2 months for crypto ETFs.”
Supporting this optimism, prediction market data from Polymarket shows the odds of a DOGE ETF approval have skyrocketed to 94%. This dramatic shift underscores the growing market consensus that Dogecoin could soon enjoy institutional-grade investment inflows.
Looking Ahead
With technicals aligning, ETF optimism soaring, and broader market conditions turning favorable, Dogecoin is positioned for further gains. If the Rex-Osprey DOGE ETF receives approval this week, it could mark a watershed moment for the meme coin, potentially ushering in the long-awaited push toward $1 and beyond.
For now, traders and investors alike are closely watching both the ETF approval process and the Federal Reserve’s upcoming decision. Together, these developments could decide whether Dogecoin’s latest rally is the start of a historic run or just another step in its volatile journey.
