Key Takeaways:
Dogecoin (DOGE) surged 5.1% to $0.22 in the past 24 hours, fueled by REX Shares’ Dogecoin ETF proposal.
The rally made DOGE the top gainer among major altcoins, ahead of Tron (+2.4%) and XRP (+2%).
Analysts suggest growing odds of a September Fed rate cut could help drive a broader altcoin season.
Dogecoin led the altcoin market higher on ETF optimism, gaining 5.1% to reach $0.22 in the last 24 hours, according to ChainCatcher. The move followed news that REX Shares has proposed a Dogecoin ETF, boosting investor sentiment.
Other altcoins also posted gains, with Tron up 2.4% and XRP rising 2%, adding to a recovery in overall market sentiment after what analysts called an “overreaction” to recent US unemployment data.
Stephen Gregory, founder of Vtrader, said the market may be entering the early stages of an altcoin season. With September Fed rate cut odds above 90% and retail activity picking up, he suggested that the Q3 bear market dip could set up a stronger year-end rebound.
