Dogecoin experienced a strong surge this week driven by increased demand from institutional investors, along with heightened anticipation for the launch of a U.S. exchange-traded fund (ETF), despite its brief postponement.
Momentum around the ETF
Rex-Osprey Asset Management is working to list an ETF for Dogecoin under the symbol DOJE, providing traditional investors with a direct way to gain exposure to the currency. Although the launch has been postponed until September 12, market analysts believe that the delay has not diminished enthusiasm.
Bloomberg analyst Eric Balchunas described the project as "unique" and noted that expectations are now focused on the middle of next week.
The Myriad forecasting platform showed that traders give a probability exceeding 66% that the price will exceed $0.30 instead of dropping to $0.15.
The role of CleanCore Solutions
The recent rise came after CleanCore Solutions announced the purchase of large quantities of Dogecoin, raising their holdings to over 500 million DOGE worth more than 125 million dollars.
The company's shares listed on the New York Stock Exchange under the symbol ZONE rose by 6% this week, and by more than 200% since the beginning of the year, reflecting investors' confidence in its strategy of enhancing Dogecoin's position as a reserve asset and using it for payments and digital products.
Challenges and prospects
Last week, the price of DOGEUSD rose by about 20% to reach $0.25, the highest level since mid-August, outperforming most other major cryptocurrencies.
Despite this rise, Dogecoin is still far from its all-time high recorded in 2021 at $0.735. The question remains: Will ETF inflows and institutional buying be enough to maintain momentum and push the currency to higher levels?
#DOGE #etf #crypto #news #InvestSmart
