Dogecoin’s Next 24 Hours: Polymarket Gives Low Odds for $0.24

• Polymarket’s prediction is only 13%
• Active Dogecoin addresses have increased by over 500% two days ago
• SEC acknowledged multiple Dogecoin ETF applications, including one from 21Shares

Polymarket’s prediction of Dogecoin reaching above $0.24 is coming to an end tomorrow, with only 13% believing it will happen. Curiously, if we look at the chart on how the prediction went, from its start on May 10 and onwards, it was constantly dropping. At one point a few days ago, it stood at a sizable 65%. Currently, DOGE is priced at $0.2265, which is just slightly above the targeted price, but it’s probable that it won’t reach the allotted number by tomorrow.

Dogecoin rose about 23% in the last 7 days, with a significant surge in network activity this week. For instance, two days ago, Glassnode data indicated that active Dogecoin addresses have increased by over 500%, rising from approximately 74,600 to 469,400.

This spike in activity coincides with heightened interest from large investors, as evidenced by a 41.12% increase in large transaction volumes. Additionally, open interest in DOGE futures has climbed to $1.65 billion, suggesting that traders are positioning themselves for potential price movements.

There are various reasons for the ongoing developments, with arguably the most noteworthy being the SEC’s acknowledgment of multiple Dogecoin ETF applications, including one from 21Shares. While approval is not guaranteed, the mere consideration of these ETFs is a notable step and enough to improve the investor confidence in DOGE’s legitimacy and future prospects.

Dogecoin’s Recent Developments

DOGE will always be seen as the cryptocurrency that started the meme coin craze, but despite its nature, it became a legitimate investment prospect for many over time. This is especially true when it comes to ETFs, as 21Shares isn’t the only one. 

Case in point: two months ago, Bitwise Asset Management filed for a Dogecoin ETF, with Coinbase Custody managing the DOGE holdings and the Bank of New York Mellon overseeing cash assets. Then, there were similar filings by Grayscale and Rex Shares.

Also, technical indicators, such as the Relative Strength Index (RSI), suggest that DOGE is approaching overbought territory, which could lead to a price correction if buying pressure diminishes. Currently, Dogecoin’s RSI is approximately 63, with the overbought threshold being 70.

With the technical indicators, the combination of increased network activity, institutional interest, and the possibility of ETF approval, there could be a bullish backdrop for Dogecoin. However, as always, caution is advised.