Currently, Dogecoin (DOGE) is in a consolidation phase, trading around $0.18 USD. Despite a recent drop of 1.44% in the last 24 hours, the cryptocurrency has shown an increase of 8.88% in the last week. This behavior suggests a possible stabilization in its price.
A factor that could positively influence the price of Dogecoin is the growing enthusiasm surrounding the potential approval of an ETF (exchange-traded fund) based on DOGE. This optimism has led to a 2.17% increase in open interest in derivatives, reaching $1.85 billion, indicating renewed interest from investors.
However, it is important to highlight that, despite these positive signals, Dogecoin is still approximately 76% below its all-time high of $0.73 USD reached in 2021. This reflects the challenges the cryptocurrency faces in recovering its previous value.
In summary, while Dogecoin shows signs of recovery and there is growing institutional interest, investors must consider both the opportunities and risks associated with this cryptocurrency.