What happened?
Dogecoin’s 5-month breakout is in question following an early week decline of 11%. Despite this, optimistic views persist heading into Q4 due to strong market factors. In addition, Dogecoin has deepened its footing in the U.S. traditional finance markets with a second ETF approval from 21Shares.
Who does this affect?
This affects investors and traders of Dogecoin, as well as others in the financial markets who may be influenced by the coin’s performance. It could also potentially impact those considering investing in other doge-branded tokens such as Maxi Doge ($MAXI), given the observed pattern of social momentum surrounding these tokens.
Why does this matter?
The trajectory of Dogecoin’s price can have significant influence on the wider cryptocurrency market and investor sentiment. Moreover, the coin’s second ETF approval from 21Shares presents more demand touch points, which could stimulate further market activity. The ongoing trajectory of Dogecoin and other doge-themed coins might also indicate future trends within the meme token market.