Dogecoin (DOGE) Price Surges 37% in a Week as 21Shares Prepares to Launch a DOGE ETF

Dogecoin has made its way back into the spotlight as investor sentiment heats up following 21Shares' filing for an ETF with the U.S. Securities and Exchange Commission. This has rekindled optimism in the memecoin's numbers, driving a sharp uptick in trading activity. Marketers are now keen about the price movement due to key technical indicators suggesting further bullish potential, even as a large token unlock event looms.

Dogecoin (DOGE) price has surged more than 37% in a week, seeking impetus from an exchange-traded fund (ETF) filing by 21Shares with the U.S. Securities and Exchange Commission (SEC). The applicant is applying to list the 21Shares FTX Bitcoin ETF and the 21Shares FTX Ethereum ETF on the Cboe B.V. exchange.

This development has rekindled investor sentiment in the memecoin, incrementing its numbers and bodes well for marketers. The crypto is now trading at $0.2368, with a 2.98% surge in 24 hours, +37.56% in the past week, and +43.74% over the last month.

Dogecoin price analysis:

At press time, DOGE is trading at $0.2368, showing a 2.98% increase in the last 24 hours, 37.56% in the past week, and 43.74% in the past month. The cryptocurrency's market cap now stands at $35.27 billion, demonstrating a 29.2% rise, while 24H volume dipped by 13.73% to $2.72 billion.

The price spike has triggered over $14 million in short liquidations, confirming a head-and-shoulders breakout, as evident on the charts. Furthermore, a bullish flag pattern now instills hope of an upward trajectory for the cryptocurrency.

On an optimistic note, DOGE price could target $0.28 next, followed by $0.30. However, between May 12–19, nearly 95.9 million DOGE tokens could be unlocked, introducing uncertainty and the potential for sharp price swings to $0.21.

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