Dogecoin Down 9% In 1 Week But ETF Preparations Fuel Bulls' Hopes

Dogecoin (CRYPTO: DOGE) may be gearing up for a rally as another spot ETF inches closer to trading, fueling optimism among traders.

Trader Notes: Crypto chart analyst Ali Martinez highlighted current levels as an ideal buying opportunity ahead of a potential breakout to $0.50.

Mags aka TheScalpingPro predicts DOGE could target $1, noting the move is achievable with only a 3.3x gain.

Drawing parallels to 2020's 170x surge amid skepticism, he sees the current market doubt as a bullish signal.

Trader Tardigrade added that Dogecoin is currently holding support at a three-month trendline.

Statistics: Coinglass data shows $9.20 million in DOGE liquidations over the past 24 hours, including $6.77 million in longs, signaling short-term selling pressure.

Bitinfocharts indicates growth in large holders: addresses with 10–100 billion DOGE increased to 2, while 1–10 million DOGE addresses rose from 4,275 to 4,293.

Community News: The 21Shares Dogecoin ETF (TDOG) now appears in the DTCC's active/prelaunch table as of Sep. 22, signaling preparations for launch.

However, this does not guarantee SEC approval.

This follows last week's REX-Osprey DOGE ETF debut, the first-ever meme coin ETF offering direct spot exposure to traders.

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