Key Notes
- On-chain data shows a 94% drop in DOGE transaction counts since March, signaling reduced investor interest.
- Additionally, DOGE whales have sold 1.32 billion tokens recently, reflecting diminished market confidence.
- Asset manager 21Shares filed for a Dogecoin ETF with the SEC, aiming to track DOGE’s performance without leverage or derivatives.
Amid the broader crypto market recovery, the Dogecoin
DOGE
$0.16
24h volatility:
7.9%
Market cap:
$23.17 B
Vol. 24h:
$1.89 B
price saw a sharp upside, gaining 6.9% in the last 24 hours and moving to $0.16 levels. This comes as US President Donald Trump announced a 90-day delay in tariff implementation, along with 21Shares submitting its filing for a Dogecoin ETF to the US Securities and Exchange Commission (SEC).
Will Dogecoin (DOGE) Price Surge Continue?
Although the DOGE price is up nearly 7% with a broader market recovery, the bulls haven’t managed to cross past the crucial resistance of $0.16. The meme coin is down by more than 54% since the beginning of the year.
Furthermore, on-chain data from Santiment shows that the DOGE transaction count has dropped significantly from the peak of 374,700 recorded in mid-March, to 20,793. This is a massive 94% drop in just one month, thereby showing that the investor interest in the asset is waning significantly.
DOGE Transaction Count / Source: Santiment
A key strength of Dogecoin lies in its robust community support. However, a sharp decline in transaction counts indicates potential weakness and diminished confidence in a near-term price recovery.
Furthermore, crypto analyst Ali Martinez noted that DOGE whales have sold in big numbers recently. As per the latest report, these whale entities have offloaded 1.32 billion of DOGE recently.
Whales sold over 1.32 billion #Dogecoin $DOGE in the last 48 hours, as shown by data from @santimentfeed! pic.twitter.com/K3n6sD03Kl
— Ali (@ali_charts) April 9, 2025
Will Dogecoin ETF See Approval Anytime Soon?
On Wednesday, April 9, asset manager 21Shares submitted the S-1 registration to the US SEC to bring spot Dogecoin ETF to the market.
The fund aims to track Dogecoin’s performance using the CF DOGE-Dollar US Settlement Price Index as its benchmark, with Coinbase Custody proposed as the custodian.
Designed as a passive investment vehicle, the ETF will not utilize leverage or derivatives. Instead, it will hold actual Dogecoin and calculate its daily net asset value (NAV) based on the benchmark index.
With the recent filing, 21Shares has once again reignited discussions for a DOGE ETF, however, the chances of imminent approval look bleak. Interestingly, the filing comes just on the day when Paul Atkins was appointed as the permanent chair of the US SEC.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
