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- Dogecoin leads crypto gains, up 16% weekly, with strong technical momentum.
- Bullish breakout past $0.29 could push DOGE to $0.50.
- First U.S. DOGE ETF launch boosts investor sentiment and adoption potential.
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Dogecoin (DOGE), the largest meme coin by market cap, is leading the crypto market rally this week, extending its weekly gains to over 16%. Investor optimism has surged ahead of the upcoming Rex-Osprey DOGE ETF, set to start trading on Friday, fueling speculation that DOGE could see a 100% rally to $0.50 if the momentum continues.
Dogecoin Tops the Crypto Market
DOGE is outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL), which have also posted gains between 2–5%. Following the release of U.S. Producer Price Index (PPI) data for August, signs of cooling inflation have boosted expectations of potential Federal Reserve rate cuts. Some market analysts are even pricing in a 50-basis-point rate reduction at next week’s FOMC meeting.
Dogecoin has rallied nearly 20% from last week’s lows of $0.21. Coinglass data shows that DOGE futures open interest has surged by 10% to $4.59 billion, indicating strong market sentiment among traders. Technical charts suggest the formation of a bullish pennant, signaling that the rally could extend toward $0.275 in the short term.
Bull Flag Breakout Could Propel DOGE Higher
Crypto analyst Ali Martinez has highlighted that Dogecoin could gain an additional 100% from current levels, reaching $0.50, if bulls stage a decisive breakout past the $0.29 resistance level. High trading volumes during this move could cement the momentum, supporting a strong and sustained rally for the meme coin.
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ETF Launch Adds Fuel to the Rally
The Rex-Osprey Dogecoin ETF will mark the first U.S. meme coin ETF when it launches on September 12. This comes amid a wave of other crypto ETFs entering the market, including XRP, BONK, TRUMP, and Bitcoin ETFs from Rex-Osprey, all cleared through the SEC’s 75-day review.
Also Read: SEC Extends Bitwise Dogecoin ETF Review to November Amid Market Scrutiny
Designed to provide access to both retail and institutional investors, the DOGE ETF represents a significant milestone in U.S. crypto adoption. Approval of such ETFs could signal a more accommodating regulatory stance, further boosting investor confidence in Dogecoin and the broader meme coin market.
Dogecoin’s rally, bolstered by technical bullish patterns and the first-ever U.S. meme coin ETF, has positioned the token as a leading force in the crypto market this week. Traders and investors will be watching closely as the $0.29 resistance level approaches, with the potential for a dramatic surge toward $0.50.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
