DOGE Sees $1.66B in Trading as Price Drops 5%, Regulatory Moves and ETF Launch Drive Attention

Dogecoin (DOGEUSDT) is trading at $0.13891 on Binance, marking a 5.43% decline over the last 24 hours from an open of $0.14689. The recent price drop can be attributed to heightened market volatility, evidenced by a 75% decrease in open interest in Dogecoin derivatives and fluctuating trading volumes, which have reached approximately $1.66 billion. Additionally, mixed market sentiment prevails, with some analysts noting potential bullish signals such as an inverse head and shoulders pattern, while others highlight broader weakness in meme coin momentum. Regulatory developments, including a draft U.S. Senate bill proposing Dogecoin's classification alongside Bitcoin and Ethereum, and institutional actions such as the launch of a spot Dogecoin ETF by 21Shares and Coinbase’s regulated DOGE futures, are contributing to increased investor attention and market activity. Dogecoin remains among the top 10 cryptocurrencies with a market capitalization of around $23.66 billion, despite its recent underperformance relative to the broader crypto market.