DOGE Token Sees $1B Trading Surge Amid ETF Delay and Elon Musk Support Despite 2.7% Dip

Dogecoin (DOGEUSDT) experienced a 2.70% price decline over the past 24 hours, with the current price at $0.16855 according to Binance data. The price movement is attributed to a combination of factors, including heightened volatility following renewed optimism about potential Federal Reserve rate cuts and ongoing discussions about institutional interest, such as the delayed decision on the 21Shares Dogecoin ETF by the US SEC. Additionally, increased trading activity—reflected in a 24-hour volume surge to over $1 billion—has contributed to rapid price fluctuations. Social media engagement, including recent support for Dogecoin by Elon Musk and a Binance campaign targeting South Asia users, has also influenced market sentiment.

Dogecoin remains among the top 10 cryptocurrencies by market capitalization, with a circulating supply of approximately 150 billion tokens and a market cap near $25 billion. Despite the recent short-term decline, DOGE has shown a 2.79% increase over the past week and over 55% growth year-over-year, underscoring continued investor interest amid ongoing market volatility.