Dogecoin Sees Epic 90% Pump in Volume as DOGE ETF Talks Heat Up

Meme Cryptocurrency Dogecoin Surges in Trading Activity

Dogecoin, a renowned meme cryptocurrency, is experiencing a dramatic surge in trading activity. Derivative volume for DOGE skyrocketed by over 90% in the past 24 hours, according to CoinGlass.

Perpetual futures turnover for Dogecoin reached $1.69 billion, nearly doubling from the previous day. Additionally, spot market trading volume for DOGE surged by 64.99% to $1.05 billion, as reported by CoinMarketCap.

Combining both markets, Dogecoin's total turnover currently stands at approximately $2.7 billion. Given its $17.83 billion market cap, this represents a significant 15% ratio, indicating a remarkable increase in trading activity.

Speculation about Dogecoin ETF Fuels Surge

The heightened interest in Dogecoin is largely attributed to market speculation and renewed rumors of a potential Dogecoin exchange-traded fund (ETF).

CryptoKaleo, a prominent crypto enthusiast, recently stirred discussions, hinting at efforts to launch a Dogecoin ETF in the coming year. The surge in retail-driven trading volumes witnessed in stocks like AMC and GME, along with the success of Bitcoin ETFs, suggests that a DOGE ETF could garner considerable attention.

While the feasibility of a Dogecoin ETF this year or next remains uncertain, it is undeniable that DOGE has captured the spotlight, evidenced by its escalating trading volumes and price volatility. The anticipation of a potential meme coin ETF and heightened market enthusiasm underscore Dogecoin's growing relevance.