- Dogecoin ($DOGE) could rise 136% to $1 with strong bullish momentum and ETF filing.
- Over $1.79B in liquidations, with Dogecoin playing a key role in market shift.
- Grayscale’s Dogecoin ETF filing could boost institutional adoption and market growth.
Dogecoin ($DOGE) has recently shown significant bullish movement, with analysts forecasting a potential rally toward $1. The cryptocurrency’s surge comes after a breakout from a long-term descending trendline that had acted as a critical resistance point since November 2024.
As the price steadily climbs, analysts are increasingly optimistic. They predict a 136% increase from the current levels, bringing DOGE closer to $1. This potential move from $0.227 to $0.832 suggests strong upward momentum.
This growth is part of a broader trend in the cryptocurrency market, with $1.79 billion in liquidations recorded in the last 24 hours. Of this total, long positions represented the majority, accounting for $1.66 billion in liquidations.
Dogecoin, in particular, has seen significant volatility, contributing to this shift. The 12-hour liquidation data shows that Dogecoin accounted for $220.4 million in total liquidations, with long positions making up a large portion of that total.
Market Liquidations and Dogecoin’s Role
The cryptocurrency market has experienced intense liquidations recently, with Dogecoin being a significant player in these shifts. In the short term, over $46 million in liquidations occurred within the first hour of the recorded data, largely driven by long positions, which totaled $43.7 million.
Short positions, on the other hand, amounted to just $2.6 million. These figures underline the ongoing volatility in the market and suggest a strong market reaction to recent movements in Dogecoin’s price.
Grayscale’s Dogecoin ETF Filing
Meanwhile, Dogecoin Grayscale recently filed with the SEC for a Dogecoin Exchange-Traded Fund (ETF). This move is seen as a significant step toward institutional adoption of Dogecoin and could provide a new avenue for investors to gain exposure to the cryptocurrency.
Grayscale’s filing, an amended S-1 registration statement under the Securities Act of 1933, could lead to the launch of a Dogecoin Trust.
This filing has generated positive reactions from analysts, with some highlighting the potential for increased interest in Dogecoin as both a store of value and a hedge in the crypto market.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
