Dogecoin Price Jumps 2% on 6.96B Trade—But Is a Drop Ahead?

Dogecoin posted a modest 2.4% price increase over the past 24 hours, trading around $0.1596, based on Coingecko data. Around 6.96 billion DOGE was moved during this time, equating to a total wallet worth of close to $1.09 billion. Despite a wider drop on the overall crypto market, with several key players down, this movement took place.

Nonetheless, the trading volume dropped by almost 46% compared to the previous day. The current activity of this sharp dip suggests something is fundamentally wrong. There is also a negative sign when volume decreases while prices rise, indicating that the buyers are not that much involved in the rally; this can also dim the foundation of the rally.

Price Swings Suggest Weak Support

Over the last day, Dogecoin moved between a low of $0.1494 and a high of $0.158. Despite the daily gain, it has dropped more than 6% over the past week. These fluctuations suggest unstable support levels that could put pressure on the price.

Data from CoinGlass shows that Open Interest in Dogecoin futures has slipped by 1%, landing at $1.43 billion. This drop signals that fewer traders are willing to hold onto positions, especially in uncertain conditions. A short-term pullback becomes more likely if interest continues to fade.

A crypto analyst familiar with DOGE trading patterns said that his kind of volume shift doesn’t usually back a strong uptrend. It’s more like the market is waiting rather than buying.

ETF Filing Draws Market Attention

Interest in Dogecoin from larger firms continues to grow. On April 9, 21Shares filed an S-1 form with the U.S. Securities and Exchange Commission to launch a Dogecoin ETF. If approved, this would allow investors to gain exposure to DOGE through a regulated investment product, without needing to buy and store the asset directly.

This filing follows similar efforts from Grayscale and Bitwise, making 21Shares the third firm to take this step. The process now moves to the next phase, where a 19b-4 form must be submitted to begin official SEC review.

Separately, 21Shares has also partnered with the House of Doge to bring a Dogecoin exchange-traded product to Europe. These moves could widen access to DOGE if they move forward, particularly for institutions and investors who prefer traditional platforms.

Mixed Signals Keep Traders Cautious

Despite recent developments, lower activity levels raise concern about short-term price direction. Analysts are not yet convinced that the current rise will last. 

Projections suggest Dogecoin may stay close to $0.1499 in the near term unless new factors spark broader interest. Until then, traders are likely to remain careful while watching both price and volume closely.

The road ahead for DOGE remains uneven, as current signals point to hesitation rather than strength.

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