The cryptocurrency market has been quite unforgiving over the last few days. The market has faced one of its most significant corrections in recent times, with Bitcoin (BTC) falling to the $112,000 mark. Dogecoin (DOGE) also followed the market trend, albeit making slight recoveries. According to CoinGecko, DOGE’s price has fallen 9.3% over the previous week, but has rallied 0.8% in the daily charts, 1.5% in the 14-day charts, 1.9% over the last month, and 123.7% since September 2024. Dogecoin’s (DOGE) over 9% correction comes despite an ETF listing.
Will an ETF Lisitng Rescue Dogecoin’s Price?
21Shares’ spot Dogecoin (DOGE) ETF was listed on the DTCC (Depository Trust & Clearing Corporation) under the ticker $TDOG. The listing may have helped cushion some of the bearish market elements for DOGE. However, despite the listing, DOGE’s price is still down by a whopping 9.3% over the last week.
ETFs have become a central element for the crypto market over the last year. The US SEC made history last year when it approved 11 spot Bitcoin (BTC) ETFs and eight Ethereum (ETH) ETFs. Both assets have seen massive price movements after the ETF approvals, especially over the last few months. Both BTC and ETH have hit new all-time highs this year. Dogecoin (DOGE) could experience a similar fate with its ETF.
Also Read: Could Dogecoin Surge by September Despite Today’s Crypto Crash?
The latest market dip is likely due to uncertainties around the Federal Reserve’s monetary policy. The correction also came after a brief rally following a 25 basis point interest rate cut. There is a high chance that the Federal Reserve will announce another interest rate in October. Dogecoin’s (DOGE) price could see a recovery if interest rates are lowered further.
Moreover, historically, October has been a bullish month for the crypto market. Bitcoin (BTC) could rebound over the coming days. A BTC rally could trigger a market-wide rally. Dogecoin (DOGE) will likely follow BTC’s trajectory, whichever way it may go.
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