Peter Brandt, a prominent figure in the world of commodity trading, has recognized a significant upward movement in Dogecoin, labeling it as a “huge” development. On September 13, the popular meme-based cryptocurrency experienced a surge of over 11% before pulling back slightly. This recent rally is part of a broader bullish trend for Dogecoin, which has seen a remarkable rise of approximately 18% over the past three days.
Currently, Dogecoin is poised to achieve its fifth consecutive day of gains, marking its longest bullish streak since July. During that month, the cryptocurrency reached a local high of $0.287 but subsequently fell by around 34% in just over a week, touching a low of $0.188 before beginning a modest recovery.
In July, Dogecoin managed to secure a green month, eventually maintaining its upward momentum into August, albeit narrowly. September, traditionally a challenging period for cryptocurrencies, is shaping up to be particularly favorable for Dogecoin, with a notable gain estimate of around 36%. If these trends continue, September could emerge as Dogecoin’s most successful month since a spectacular spike of over 161% in November 2024.
Adding to the excitement within the Dogecoin community, the first U.S.-based Dogecoin Exchange-Traded Fund (ETF) is anticipated to launch next week. This new ETF is expected to serve as a significant bullish catalyst, potentially helping Dogecoin solidify its position above the crucial $0.30 mark. However, it’s important to note that this ETF’s structure, the REX-Osprey ETF, differs from typical spot ETFs that usually require extensive approval processes.
In contrast, the recent delays by the SEC regarding the decision on Bitwise’s proposed spot Dogecoin ETF should not be interpreted as a negative sign, as these types of procedural delays are common in the industry. Overall, the Dogecoin market is buzzing with optimism as traders and investors keep a close eye on these developments.
