Dogecoin Gains Momentum with ETF Inflows and DogeOS Testnet Launch
Dogecoin (DOGE) has been making waves, and it’s not just due to a single tweet or a stroke of luck. Several factors have aligned recently to drive its price up. The Dogecoin ETFs have seen a notable influx of capital over the past three weeks, totaling approximately $3.5 million. The first week ended with $284,500 in inflows, followed by a surge to $2.8 million in the next week. The latest week added $327,360 to the total. While these numbers might seem modest compared to Bitcoin ETF standards, they represent significant growth for Dogecoin, whose ETF assets have risen from $12 million in mid-September to $16.2 million at press time.
Another development is the launch of the DogeOS public testnet for developers on September 30th. This platform allows for testing payments, trading, lending, and gaming applications that run on DOGE. However, it’s important to note that fees on the testnet are paid in test DOGE, which has no real value. Additionally, DogeOS is not an upgrade to Dogecoin itself but rather a separate layer built around it, which may offer more utility in the future.
As of the latest data, Dogecoin was trading at $0.0946, reflecting a nearly 20% increase from its mid-September low of $0.079. The price spiked above $0.10 on September 21st, briefly reaching $0.106, before settling into a range between $0.091 and $0.099 over the past two weeks. The Relative Strength Index (RSI) remains above neutral, and the On-Balance Volume (OBV) has climbed to about 154.31 billion, suggesting that buyers from the recent rally may be holding steady.
The combination of ETF inflows, the DogeOS testnet, and stable price indicators suggests a positive shift in sentiment for Dogecoin. However, a clean break above $0.10 could provide the momentum needed to sustain this upward trend.