Dogecoin Slides by 3% Ahead of Potential Spot ETF Approval
Dogecoin (DOGEUSD) price declined by about 3% in the last 24 hours as cryptocurrency’s latest rally starts to fade again ahead of potential exchange-traded fund (ETF) approval in Nov.
The global market cap of all cryptocurrencies fell by about 2% to $3.48 trillion on Wednesday, and all the top 10 digital asset losses contributed to the decline.
The meme coin price continues to fluctuate as investors anticipate the launch of the first U.S. spot Dogecoin ETF by November 26, pending SEC intervention.
Dogecoin is quoted at $0.1714 as trading volume reached $1.06 billion during early hours on Wednesday. There is, however, a mixed optimism as regards the US government shutdown.
According to data from CoinMarketCap.com, Doge has gained 3.84% in the last seven days in the crypto market, reflecting fluctuating investors’ sentiment.
DOGEUSD market value settled at $26.25 billion, the ninth largest digital asset in the crypto space. Dogecoin had regained stability after a sharp market shakeout that tested traders’ confidence.
The popular meme coin has found crucial support near the $0.16 mark, with technical indicators showing signs of resilience.
Market data showed that DOGE has 151.73 billion in total supply, valued at $26.25 billion at the time of writing. The meme coin price is projected to climb on after Doge-linked exchange trade fund launch.
Dogecoin’s potential ETF approval signals wider institutional adoption of meme coins, reflecting evolving regulatory perspectives. Whale wallets offloaded 3 billion DOGE; traders increased long positions despite weak technical support.
Bitwise is planning to launch a Dogecoin ETF with Coinbase serving as the custodian, a move that could enhance Dogecoin’s institutional standing and credibility as a mainstream investment option.
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