Dogecoin (CRYPTO: DOGE) was surging higher Thursday, driven by excitement over the upcoming exchange-traded fund listing and macroeconomic tailwinds.
Meme Giant Sees High Buying Pressure
The dog-themed memecoin topped $0.26 for the first time in six weeks, while trading volume jumped 40% over the last 24 hours, suggesting high buying pressure.
DOGE outgained market heavyweights Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), with its weekly gains totaling over 22%.
Speculative interest heightened, as open interest in DOGE futures jumped 5.27% in the last 24 hours, according to Coinglass. Over 71% of Binance derivatives traders with open DOGE positions were positioned long as of this writing.
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ETF Launched Pushed To Next Week
The rally comes in anticipation of the launch of the first-ever Dogecoin ETF. While the market was expecting the ETF to debut on Thursday, noted Bloomberg Analyst Eric Balchunsas revealed that it has been delayed till next week.
The REX-Osprey Doge ETF, filed by asset managers Osprey Funds and Rex Shares, will holding a combination of DOGE and DOGE derivatives under a Cayman Islands subsidiary.
The coin also gained pace as the broader market rallied, with investors betting on an interest rate cut next week in response to bad job data and rising inflation.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2603, up 3.05% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Stanslavs on Shutterstock.com
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