Dogecoin Sentiment Improves After ETF Application—When Will The 'Explosive' Move Come?

Dogecoin DOGE/USD has caught the interest of traders following the first application for a Dogecoin spot exchange-traded fund.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.3319	$49 billion	+1.3%	-4.6%
Shiba Inu SHIB/USD	$0.00001865	$11 billion	+1.3%	-6.1%
Pepe PEPE/USD	$0.00001306	$5.5 billion	+2.8%	-12.2%

Trader Notes: Technical analyst Kevin believes DOGE is poised for an “explosive” move up once Bitcoin regains momentum.

#Dogecoin is just chillen waiting for #BTC to make it's next big move. When that occurs it will be explosive pic.twitter.com/Qci94JvSqQ

— Kevin (@Kev_Capital_TA) January 30, 2025

Crypto trader Shelby pointed out the Department of Government Efficiency is exploring blockchain solutions to improve the federal government’s efficiency.

Daan Crypto Trades emphasized that DOGE follows a typical altcoin pattern—long periods of consolidation and slow declines, followed by rapid surges.

Many traders mistime entries, buying into hype near tops and capitulating before the next rally.

Unlike most altcoins that drop 99% and never recover, DOGE has proven its resilience across multiple market cycles.

Timing entries is difficult—buying low or on early signs of a trend reversal is ideal.

However, since altcoin moves happen so quickly, the trader believes if you’re not already positioned, you may miss the opportunity.

Given the speed of altcoin moves, traders suggest early positioning is key for long-term spot holdings.

Statistics: Coinglass data shows DOGE liquidations in the past 24 hours stood at $5.88 million, with long liquidations at $4.11 million. Open interest is up 2.3% to $4.02 billion.

Community News: GMCI announced that its recently launched USA Select Index, tracking U.S.-based crypto protocols, includes XRP, SOL and DOGE representing around 66% of the total index composition.

Chainlink, Cardano, Litecoin and Avalanche are among other coins included in the index.  

Read Next: 

• Dogecoin Up 3% After Monday Rout: Why Is DOGE Going Up?

Image: Shutterstock