Why Is Dogecoin Shooting Up 10% Today?

Dogecoin DOGE/USD has experienced a 10% surge in the past 24 hours, surpassing its rival Shiba Inu SHIB/USD, as the overall market enters a green zone amid the optimism surrounding Bitcoin BTC/USD ETFs.

What Happened: The month of October seems to have ushered in a positive wave, with Bitcoin’s price smashing through the $34,000 barrier for the first time since May of the previous year. This increase reflects a staggering 14% gain within a day.

The sudden spike in Bitcoin’s price occurred on October 23, propelling BTC to rise over 10% from $31,000 to briefly touch $34,000, before settling at its current price of $34,752, based on data from CoinMarketCap. This rally triggered a wider market surge, impacting various altcoins and even meme coins.

During the past 24 hours, SHIB saw a 6.49% increase in price, while FLOKI FLOKI/USD rose by 5%.

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Why It Matters: The unexpected rise in Bitcoin’s price coincides with a renewed interest in the imminent approvals of spot ETFs and a significant surge in trading volumes across spot markets. This surge also aligns with the latest developments surrounding BlackRock’s proposed spot Bitcoin ETF.

On October 23, analyst Scott Johnson, through a post on X, formerly known as Twitter, highlighted two new pieces of information that could indicate the possibility of a spot Bitcoin ETF approval for investment giant BlackRock coming closer. Johnson noted that BlackRock had secured a specific “CUSIP” license, potentially paving the way for the seeding process of their spot ETF product with cash, which may commence as early as this month.

Responding to Johnson’s post, senior Bloomberg ETF analyst Eric Balchunas commented on the implications of seeding an ETF, stating that it typically involves a relatively small amount of money, just enough to get the ETF off the ground. However, he acknowledged that it is a positive sign and represents “another step in the process of launching.”

Price Action: At the time of writing, DOGE was trading at $0.068, up 10.88% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock