Dogecoin Rises 15% Alone Without an ETF... "Move Aside, Bitcoin"

▲ Dogecoin (DOGE) ETF/ChatGPT Generated Image

Dogecoin (DOGE) recorded its best weekly return since March, even without the institutional tailwind of a spot ETF approval in the United States.

According to the cryptocurrency media outlet U.Today on April 25 (local time), Dogecoin demonstrated a strong presence this week with a surge that exceeded market expectations. Unlike Bitcoin (BTC) and Ethereum (ETH), whose prices fluctuate based on spot ETF inflows, Dogecoin is leading a rally purely driven by its own market demand. This is considered the most notable weekly performance since the large-scale bull market in March. Investors are paying close attention to this achievement, as it was accomplished without direct institutional backing.

Dogecoin's current rebound is the result of a combination of enthusiastic support from individual investors and strategic buying from whales. Santiment data confirmed a sharp increase in large-scale transactions within the Dogecoin network recently. Mentions on social media also overwhelmed other altcoins, demonstrating strong investor sentiment. The strong fandom unique to memecoins is acting as a key driving force behind the price. It appears that the participation of actual users, rather than institutional funds, has laid the groundwork for the price increase.

Technical indicator analysis shows that Dogecoin has reached a significant turning point. It has stably broken through the $0.16 level, which had long acted as a strong resistance, laying the groundwork for further gains. The volume of open interest has also steadily increased, indicating a continuous inflow of new capital into the market. In terms of trading volume, it has recorded unique figures, rapidly absorbing market liquidity. The current chart trend is analyzed as having entered a phase of new trend formation, beyond a mere rebound.

Dogecoin's strength once again proves the vitality of memecoins within the cryptocurrency ecosystem. This is because it is fully demonstrating its value as an asset even without any ETF support from US financial authorities. Investors have begun to differentiate Dogecoin from other assets that are solely focused on spot ETF approval. Active trading within the ecosystem and a robust holder base are factors that secure downward price rigidity for future prices. It is demonstrating its potential by recording overwhelming returns alone amidst overall market uncertainty.

Dogecoin has achieved a weekly return of approximately 15%, maintaining the highest rise among major cryptocurrencies. It is rapidly attracting market funds, showing a contrasting movement to Bitcoin, which has entered a sideways phase. Active movements on the network and a solid buying base indicate the overall health of the ecosystem. Dogecoin's independent rally is expected to be recorded as a key indicator for cryptocurrency investors.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*