Financial enthusiasm for Dogecoin ETF dampens as large investors (whales) retreat and traders hasten to offload their holdings.
Dogecoin, the popular meme-inspired cryptocurrency, is making headlines once again as it prepares for the launch of a US-listed ETF and experiences shifts in stock market dynamics.
As of today, Dogecoin (DOGE) is trading at Rp 4.620, with a stock market cap of a staggering Rp 703,41 trillion. The circulating supply of DOGE stands at approximately Rp 150,98 million, while the balance on exchanges has been steadily increasing over the past week, reaching 28 billion coins as of September 17. This marks an increase of about 12% in the last seven days.
The upcoming Dogecoin ETF, set to launch tomorrow, is expected to give traditional investors direct access to Dogecoin's price movements. The launch could potentially be a positive catalyst for the cryptocurrency, although on-chain data suggests that traders are bracing for further weakness instead of an upward rally.
Interestingly, on-chain data shows a decrease in activity from whale investors. Over the past week, whale investors have reduced their Dogecoin holdings by more than 4%. This decrease in whale activity could potentially invalidate the bearish scenario and push the price up through the $0.2980 level.
The ETF's funds allocation is interesting to note. 40% of the funds are announced to be invested in stock market marketing, and 25% into the Maxi Fund to support community morale and promote pump dynamics. A presale already raised $1.92 million, indicating a strong investor interest in the ETF.
However, if the support level at $0.2583 for Dogecoin price is broken, it could potentially drop to the $0.2018 area. This underscores the importance of maintaining a close watch on stock market trends and price movements.
With the Dogecoin ETF launch just around the corner, the cryptocurrency stock market is abuzz with anticipation. Stay tuned for more updates as we continue to monitor the developments in the Dogecoin ecosystem.
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