Dogecoin’s network activity skyrockets amid ETF speculation, with traders eyeing a breakout toward $0.40.

Dogecoin’s network just exploded. Active addresses surged 528% in 24 hours – from 74,640 to 469,477. This isn’t normal retail activity. It’s institutional players positioning ahead of potential ETF approvals.

Four Dogecoin ETF applications now sit with the SEC. The 21Shares filing, backed by House of Doge, has traders buzzing. Futures open interest jumped 70% to $1.65 billion while price held steady. That’s smart money building positions quietly.

“Break $0.24 and we’re looking at $0.40 fast,” says trader Tardigrade. The charts agree – an inverse head and shoulders pattern suggests $0.42 could be in play. Kriss Pax notes: “This isn’t 2021 meme trading anymore. Institutions are treating DOGE like a real asset now.”

Bloomberg analysts give a 75% chance of ETF approval this year. Polymarket traders peg it at 64%. But there’s risk – 45% of futures positions are leveraged longs. Any SEC hesitation could trigger liquidations.

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At $0.22 currently, Dogecoin stands at a critical juncture. The next move depends on two factors: SEC decisions and whether buyers can push through $0.24 resistance. One thing’s clear – the market isn’t laughing at DOGE anymore. Not when serious money’s betting millions on its ETF potential.