Ethereum faces a concerning market phase as its price lags behind other cryptocurrencies, prompting a deeper analysis of current trends. Despite broader cryptocurrency market gains, Ethereum’s (ETH) persistent underperformance unveils
Ether’s ( ETH ) most recent sell-off saw it lose the crucial $1,500 support level, and a number of technical indicators suggest that ETH may witness a deeper correction before embarking on a sustained recovery. Data shows Ether’s price dropped below its realized price — an onchain metric that recalculates the market value of a cryptocurrency based on the price at which each coin last moved on the blockchain. According to CryptoQuant contributor, theKriptolik , ETH price trading below this metric, which is historically a bearish sign. When the realized price is above the spot price, it usually acts as resistance and places “most holders suddenly in a loss position,” the analyst said. The analyst added: “Drops below the realized price often mark the capitulation phase, where investors lose confidence and begin selling en masse.” Ethereum realized price for accumulation addresses. Source: CryptoQuant In June 2022, Ether’s realized price fell below the spot price, preceding a 51% drop in ETH price following the Terra Luna market crash . A similar scenario was witnessed in November 2022, when the metric fell below the price before Ether dropped 35% following the FTX collapse . Now that a similar scenario is playing out, the current setup loosely echoes those prior bearish continuation phases, with ETH price at risk of a deeper correction. Spot Ethereum ETF flows remain weak Spot Ethereum ETFs continue to weaken, with more than $3.3 million in net outflows on April 8. In fact, these investment products have recorded $94.1 million in outflows over the last two weeks against $13 million in inflows. The lack of investor interest is concerning, especially since institutional demand was considered a key part of Ether’s appeal and played a role in the gains accrued in May 2024 as investors bet on an ETF approval from the US Securities and Exchange Commission. Spot Ether ETF flows table. Source: Farside Investors This is also reflected across all other Ether products, with the report from CoinShares pointing out that flows into Ethereum investment funds align with the bearishness seen across the market, with $37.4 million outflows recorded during the week ending April 4. ETH open interest is low, and funding rates are negative Another factor weighing Ether’s price down is the lack of enthusiasm in its derivatives market, evidenced by low open interest and negative funding rates. Open interest (OI)—the total number of outstanding futures and options contracts—remains low, indicating reduced trader participation and speculative activity. Currently, at $16.7 billion, the metric is 48% below its peak of $32.3 billion witnessed on Jan. 24. Declining OI signals waning investor confidence or interest, which can exacerbate the price decline as buying pressure dries up. ETH open interest across all exchanges. Source: CoinGlass Compounding this issue are negative funding rates in Ether’s perpetual futures markets, which are hovering below 0%, indicating that bearish sentiment dominates the market. Related: Ethereum whale sells ETH after 900 days, missing $27M possible peak profit When rates turn negative, it means shorts (bets against the price) are paying longs to keep their positions open, suggesting a dominance of bearish sentiment. ETH funding rates across all exchanges. Source: Glassnode Competing layer-1 blockchains outpace Ethereum network activity Ethereum’s high gas fees offer an opportunity for competing layer-1 blockchains focusing on high scalability to eat into its market share in the space. While a fraction of the activity has moved to Ethereum layer-2 solutions, some users and developers opt for other top layer-1 alternatives such as the BNB Chain , Solana, Avalanche and Tron . As a result, Ethereum’s network activity growth has fallen behind that of its rivals. Top blockchains ranked by 24-hour DApps volume, USD. Source: DappRadar Ethereum’s unique active wallets (UAW) — addresses engaging with decentralized applications (DApps) on the platform — declined by over 33% over the last 30 days compared to just a 16% decrease on Solana and a 16% increase on Tron. Similarly, the total number of transactions deployed on the Ethereum network dropped by 40.5% during the same period, while transactions on the BNB Chain, Solana and Avalanche decreased by 16%, 30% and 23%, respectively. Transactions on Tron and Fantom increased by 23% and 16%. There’s no indication that the factors weighing on Ether’s price — such as declining network activity and low demand for its spot ETF products — will reverse anytime soon. While this doesn’t guarantee that Ether’s price will remain in an extended downtrend, the technical setup suggests that ETH's price may bottom at $1,000 . This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The post Trump’s $750B Tariff Plan Isn’t Just a Trade War — It’s a Massive Wealth Shift: Billionaire Investor appeared first on Coinpedia Fintech News Billionaire investor and Venture capitalist Chamath Palihapitiya just dropped a bombshell in a viral interview with Andrew Schulz. He revealed what he believes is the real motive behind Trump’s $750 billion tariff plan. Read on to unravel the secrets of the President’s $750B gamble. According to Chamath, this is not just a trade war bit a daring move by Trump to shift wealth and power inside the US. What’s Exactly Going On? He starts off by highlighting that the Trump Tariffs are not just directed towards China, but is infact part of a much bigger play. This is one of the biggest economic shake ups in modern america history, shifting wealth and power inside the country in ways not many people realize. Chamath’s point of view matters a lot as he has built multiple billion dollar companies and understands global capital flows even better than most policy makers. Notably, he points towards a hidden play in Trump’s tariff plan that most people are overlooking. These tariffs could generate up to $750B annually – enough to offset a significant portion of income taxes for middle-class Americans. Companies face a choice: pay tariffs or bring production home. The implications are massive: pic.twitter.com/uXTK1VA9BG — Adam Oxsen (@AdamOxsen) April 9, 2025 “Every critical market where America needs to be able to take care of itself, right, under all weather conditions, we have become very fragile,” he remarked. How Tariffs Could Rebuild U.S. Power and Self-Reliance Chamath explains that tariffs do two big things. First, they help in shifting the global power balance, and secondly it will push the US to get back their control of key industries. He says this is crucial because if the world face a crisis, America can then rely on itself instead of having dependency on others. He notes that this is about completely rebuilding American industrial capacity. He also highlighted a critical fact that since 2000, america has lost over 5 million manufacturing jobs. Besides, for years, the U.S. and China had an unfair trade setup as American products faced steep tariffs in China (often 25%+) while Chinese goods entered the US with very minimal tariffs (usually under 3%). And this sent a lot of American factory jobs to China and hurt U.S. manufacturing. Who benefitted the Most? As a result, the U.S. factories shut down, towns suffered, and the middle class lost their stability while big corporations made huge profits. But who benefitted? The corporate giants benefited the most from these deals by paying minimal taxes, avoiding environmental regulations, and cutting labor costs. Chamath noted that America’s dependence on foreign nations for key goods has become a serious vulnerability which the pandemic, the war in Ukraine, and tensions over Taiwan revealed. From masks to energy to semiconductors, the U.S. has struggled to produce essentials on its own. A Bold Reset He breaks down Trump’s new tariff strategy as a bold reset which is not just economic, but national security driven. It targets Everyday goods (10% tariff), Industrial parts (20%) and High-tech sectors (25–60%). “He’s using a carrot-and-stick model,” Chamath says. These tariffs could generate upto $750B annually which could help cut significant taxes for middle-class Americans. So the companies now face a chice to pay the tariffs or bring production home, the implications of which are massive to US’ economy.
Bitcoin has felt the impact of the ongoing global tariff tensions, with little to no upward momentum. The asset appears to have paused its bull run, dampening investor expectations for a near-term recovery. Currently trading just above $77,000, BTC has declined nearly 30% from its all-time high, including a 1.6% drop in the last 24 hours. Amid this, a recent insight from CryptoQuant contributor Onchained suggests that Bitcoin is nearing a significant threshold that could determine the asset’s next major direction. Related Reading: Crypto Analyst: 33% Chance Bitcoin Already Topped—Brace For $52,000 Bitcoin Realized Price Levels in Focus Onchained’s latest analysis points to the convergence of Bitcoin’s spot price with its 2-Year Realized Price. This metric, derived from on-chain data, calculates the average acquisition cost of coins moved on the blockchain within the past two years. This price band often serves as a meaningful support level, particularly in transition phases between bear and bull markets. Historically, Bitcoin maintaining price action above the 2-year Realized Price has signaled underlying strength among long-term holders. Onchained noted that BTC has stayed above this line since October 2023, a sign of sustained investor confidence. If Bitcoin continues to hold this level, it may indicate the establishment of a new value floor, potentially setting the stage for renewed buying pressure. The analysis adds that a bounce off this support zone could be interpreted as an influx of capital from investors seeing this price level as a strategic accumulation point. However, a breakdown below the 2-year Realized Price could trigger a deeper correction or a longer period of consolidation. Related Reading: Short-Term Holders Under Pressure as Bitcoin Slides—Capitulation Coming? Long Liquidations Amplify Market Volatility In a separate update, CryptoQuant analyst Darkfost highlighted a significant event that shook the derivatives market. On April 6, the largest Bitcoin long liquidation event of the current bull cycle occurred, wiping out roughly 7,500 BTC in long positions. The liquidation marked the highest daily volume of forced long position closures since the bull market began. According to Darkfost, this event was largely triggered by rising volatility and uncertainty stemming from US economic policy concerns. The biggest Bitcoin long liquidation event of this bull cycle “On April 6, approximately 7,500 Bitcoin in long positions were liquidated, marking the biggest single-day long wipeout of the entire bull run so far.” – By @Darkfost_Coc Read more ⤵️https://t.co/eqW2JE8TWD pic.twitter.com/IEthwRDRVz — CryptoQuant.com (@cryptoquant_com) April 9, 2025 In particular, fears around new tariffs under President Trump’s administration have added pressure on global markets, including crypto. The analyst emphasized that such liquidation events serve as reminders of the risks associated with high-leverage positions during uncertain macroeconomic conditions. Darkfost wrote: This is a clear reminder that we need to stay cautious during periods of rising volatility like today. This is the time to care and preserve your capital. Featured image created with DALL-E, Chart from TradingView
Uniswap faced resistance around the $5.5-level. Until it can climb beyond it, traders must maintain a bearish outlook.
The on-chain analytics firm Santiment has revealed how the majority of the altcoins are currently in what has historically been a buy zone. Mid-Term Trading Returns Are Extremely Negative For Most Altcoins In a new post on X, Santiment has shared an update for its MVRV Opportunity & Danger Zone Divergence Model for the various altcoins in the sector. The model is based on the popular “ Market Value to Realized Value (MVRV) Ratio .” The MVRV Ratio is an on-chain indicator that basically tells us whether the investors of a cryptocurrency as a whole are holding their coins at a net profit or loss. When the value of this metric is greater than 1, it means the average investor is holding a profit. On the other hand, it being under this threshold suggests the dominance of loss. Historically, holder profitability is something that has tended to have an effect on the prices of digital assets. Whenever the investors are in large profits, they can become tempted to sell their coins in order to realize the piled-up gains. This can impede bullish momentum and result in a top for the price. Similarly, holders being significantly underwater results in market conditions where profit-takers have run out, thus allowing for the cryptocurrency to reach a bottom. Santiment’s MVRV Opportunity & Danger Zone Divergence Model exploits these facts in order to define buy and sell zones for the altcoins. The model calculates the divergence of the MVRV Ratio on various timeframes (30 days, 90 days, and 6 months) to find whether an asset is inside one of these zones or not. Here is the chart shared by the analytics firm that shows how the different altcoins are currently looking based on this model: In this model, a value greater than zero suggests average trader returns are negative for that timeframe and that below it is positive. This is the opposite orientation of what it’s like in the MVRV Ratio, with the zero level taking the role of the 1 mark from the indicator. From the graph, it’s visible that almost all of the altcoins have their MVRV divergence greater than zero on the different timeframes. Out of these, most of them have their mid-term MVRV divergence greater than 1. The opportunity zone mentioned earlier lies beyond this mark, so the model is currently showing a buy signal for the majority of the altcoins. The average negative returns have come for these coins as the market has been in turmoil following the news related to tariffs . While the model may be showing a buy signal for the altcoins, it’s possible that this uncertainty will continue to haunt the market. As Santiment explains, If and when a global tariff solution is reached, it would undoubtedly trigger a very rapid cryptocurrency recovery,” notes However, this is currently a very big “if” based on the latest media coverage on what is quickly being referred to as a full-fledged “trade war” between the US and the majority of the world. BTC Price At the time of writing, Bitcoin is floating around $76,900, down more than 9% in the last seven days.
Bitcoin (BTC) rose to nearly $82,000 early Thursday to usher gains across the crypto market after a U-turn on tariffs led to relief in broader equity markets on Wednesday, prompted by President Donald Trump changing course on a steep tariff levy globally. XRP and ether (ETH) led gains among crypto majors with a 12% surge, while Cardano’s ADA, BNB Chain’s BNB, Solana’s SOL and dogecoin (DOGE) zoomed as much as 10%. Overall market capitalization rose 6%. The broad-based CoinDesk 20 (CD20) showed a 7% increase. Crypto-tracked futures showed short liquidations of over $350 million, the highest since early March, which helped ease losses from Monday and Tuesday as bitcoin dove to nearly $75,000 at one point. Such liquidation events often present a market buying opportunity, as CoinDesk noted on Monday, as they can signal an overstretched market that indicates a price correction has occurred, among other factors. Elsewhere, Bittensor’s TAO, Sonic’s S and Flare’s FLARE were up as much as 30% to lead gains among midcaps, or tokens below a $5 billion market cap. Thursday’s jump came as Trump paused higher tariffs on all countries, except China, where he increased the levy to 125%, amid mounting concerns from global leaders and recession fears. Countries that were hit with the higher, reciprocal duties that went into effect Wednesday will now be taxed at the earlier 10% baseline rate applied to other nations. U.S. stocks staged their best rally since 2008. The S&P 500 Index soared 9.5%, rebounding from bear-market territory, while the tech-heavy Nasdaq 100 surged 12%. As such, traders continue to watch developments for cues on positioning amid the uncertainty. “The market is rallying in response to anticipation that most trading partners will negotiate trade deals with the US, avoiding a full-fledged trade war,” Jeff Mei, COO at BTSE, told CoinDesk in a Telegram message. “That being said, continued tariffs against China and vice versa will lead to a realignment of global trade that could drastically change how the world operates. We remain cautious until we see the consequences of this play out over the coming months.” Jupiter Zheng, partner at HashKey Capital, signalled a possibility of markets reaching a local bottom. “The upswing was fueled by optimism that the worst may be behind us. While potential headwinds remain, such as retaliatory tariffs from China in response to Trump's 125% increase, the start of negotiations with other countries offers some hope,” he said in an email. “As US regulators continue to streamline regulatory hurdles and implement more favorable policies, it's possible that Bitcoin and other cryptocurrencies have reached a bottom, assuming no unexpected surprises emerge. The industry may not have fully priced in these developments, leaving room for potential growth,” Zheng added.
XRP is currently experiencing a notable phase of panic selling, as market participants react to recent price movements and broader market sentiment. However, some analysts are suggesting that this wave of selling pressure could paradoxically create the ideal conditions for a surprise rally in the near future. Examining the Drivers Behind the Panic Selling The … Continue reading "XRP Hit by Wave of Panic Selling: Potential Setup for a Surprise Rebound?" The post XRP Hit by Wave of Panic Selling: Potential Setup for a Surprise Rebound? appeared first on Cryptoknowmics-Crypto News and Media Platform .
While panic ensued in the cryptocurrency market yesterday, Bitcoin underwent a stunning transformation, as investors yanked funds from exchanges in a move to fortify their investments. Notably, the urgency of the moment was heightened by the fact that net outflows from crypto exchanges had surged—meaning that rather than simply transferring funds between the Bitcoin and crypto ecosystems, many were pulling their funds entirely out of the ecosystem. The amount pulled out: more than $220 million worth of Bitcoin. As market panic spread yesterday, there was a surprising spike in Bitcoin withdrawals from exchanges, resulting in net outflows of over $220 million. This suggests that, despite the sell-off, investors were taking advantage of lower prices to accumulate more BTC. pic.twitter.com/4ZECQXldfP — IntoTheBlock (@intotheblock) April 8, 2025 The large volume of withdrawals shows that holders of Bitcoin are changing their views about the cryptocurrency. Many are now moving their assets off exchanges, which may indicate that they’re bracing for a price drop or a reprise of the kind of exchange failures that we saw in 2014 with Mt. Gox and in 2022 with several seemingly healthy crypto companies. It’s not hard to imagine that even with several months having passed since the last round of collapses, some traders are still feeling the aftershocks. Even with the market in a state of turmoil, Bitcoin is seeing a surge in withdrawal as long-term investors signal a surge in optimism. For these investors, the dip in price is just that—a dip—and an opportunity to add to their holdings before the next big rise. But this optimism is obviously not shared by the segment of the Bitcoin community involved in its mining, because these folks are the ones taking the biggest hit in the current market. Bitcoin Price Drop Puts Mining Operations on the Edge Bitcoin has recently seen its price drop, hitting a five-month-low, and this has been making waves in the mining community. According to mining pool Antpool, it has reached a point where several mining rigs are in danger of hitting their shutdown thresholds, in no small part because Bitcoin’s price has been declining. Electricity costs are one thing, and they were accounted for, but the miners are now in danger of unprofitability because Bitcoin’s value is in freefall. Contracts for the mining operations are already signed, of course, but with prices down, certain rigs have crossed over into the unprofitable range and may have to be shut down. Bitcoin price drop pushes multiple mining rigs to shutdown thresholds. According to Antpool, with $BTC hitting a 5-month low and electricity at $0.08/kWh: Avalon A1466, Antminer S19 XP Hyd., and Whatsminer M50S++ have reached shutdown price levels. Avalon A1466L and… — Followin (@followin_io) April 9, 2025 High-performance mining machines like the Avalon A1466, Antminer S19 XP Hyd., and Whatsminer M50S++ have been extensively used in the industry. But these machines are now profitless, operating under current market conditions at a net loss. That’s because the price of energy needed to mine Bitcoin has skyrocketed, leaving these machines to generate far less revenue than even just a few months ago. Moreover, miners that are operating rigs such as the Avalon A1466L and Whatsminer M66 (280T) are nearing their shutdown thresholds. The Avalon A1466L, especially, is on the verge of shutting down, since its efficiency has been outstripped by market conditions. For miners who have made significant investments in these rigs, shutdowns would mean a return to the pre-mining status quo, since currently profitable mining operations would no longer be able to pay for running the machines at today’s energy prices and Bitcoin prices. Bitcoin mining is increasingly vulnerable in a market where prices for the digital currency fluctuate wildly. Mining profitability is closely tied to the price of Bitcoin, and when the market enters a bearish phase, many miners face a tough set of choices: shut down operations and lose money in the near term; or keep the rigs running and operate at a significant loss, with the hope that prices will rebound in a not-too-distant future. The relentless market volatility is putting a great deal of strain on mining pools and individual miners. Some of them may soon begin to scale back operations, if they haven’t already, or explore energy use optimization schemes in an effort to trim costs. Bitcoin’s price has offered no immediate buoy to miners since its last rapid descent, and electricity prices remain about as high as they’ve been, leaving uncertain the future not just for pool operators and solo miners, but for the entire mining community. The Broader Implications for the Bitcoin Ecosystem Mass withdrawals from exchanges, coupled with the financial pressure on Bitcoin miners, present a complex cryptocurrency picture. The increase in withdrawals suggests that some investors are trying to ensure the safety of their assets and are in accumulation mode. The miners’ financial problems, however, raise questions about the future reliability and safety of the network. Miners verify transactions and secure the blockchain in the Bitcoin network. If mining is unprofitable, a lot of not-so-great, let’s say, mining rigs stop mining. This stops a lot of not-so-great miners from mining. In turn, this can lead—quite directly, in many cases—to the network’s hash rate going down. If Bitcoin’s transaction network is really slowing down, fees go up, up, up. And as everyone knows, all things being equal, nothing is worse for the network than higher fees. Regarding Bitcoin’s price, although a lot of people see the current drop as a short-term dip, the overall market seems rather fragile. If a sustained bear market were to happen, we could see several exchange withdrawals, not to mention rigs that mine a certain cryptocurrency, being shut down. What could trigger a deeper slump in the price of Bitcoin would be a prolonged bear market. To conclude, the recent price decline of Bitcoin has resulted in a spate of withdrawals from exchanges. Investors, in seeking to safeguard their Bitcoin holdings, have pulled back from exchanges in substantial numbers. Concurrently, the miners, too, are feeling the burn of a Bitcoin that has plunged below 17K. With our Energy Capture Ratio dipping well below the necessary 31 percent, and with the palpable electricity and operational costs being far in excess of the profitability of producing new blocks, most mining operations at this writing are simply… well, not profitable. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
In a groundbreaking development for the world of cryptocurrency, 21Shares has declared the launch of the first-ever exchange-traded product (ETP) for Dogecoin ($DOGE) on the SIX Swiss Exchange. This new product is fully backed by the Dogecoin Foundation. It is a significant step in Dogecoin’s evolution from a popular memecoin to a digital asset more widely recognized, and with institutional backing, as not far off from the mainstream. Expected to bring more legitimacy and add to the mainstream appeal of the once-joke cryptocurrency, the launch of the $DOGE ETP has opened the door for traditional investors and institutions to gain exposure to Dogecoin through a familiar and regulated financial product. Backed by the Dogecoin Foundation, the move signals a growing acceptance of Dogecoin as a viable asset class. JUST IN: 21Shares is launching the FIRST EVER $DOGE ETP on the SIX Swiss Exchange — fully backed by the Dogecoin Foundation! Memecoin no more… #Dogecoin just went INSTITUTIONAL. Next stop: THE MOON pic.twitter.com/5DY3g2HIZc — Crypto Patel (@CryptoPatel) April 9, 2025 Originally created as a meme cryptocurrency, Dogecoin has slowly and awkwardly morphed into a more serious contender in the digital asset space. Oddly enough, the meme crypto’s rise in status has been fueled by a combination of community-driven initiatives, celebrity endorsements (notably from Tesla CEO Elon Musk), and a strong presence on social media platforms. But if we are to take Dogecoin seriously—and if the introduction of the Dogecoin ETP is any indication, we should be—then what exactly is this cryptocurrency that was once regarded as a borderline joke? A Potential Breakout: Dogecoin’s Technical Setup Points to Positive Momentum Along with the institutional changes related to Dogecoin, the cryptocurrency is also flashing positive indicators on the charts. Dogecoin has lately broken out of an ascending parallel channel, which—ahem!—has historically been a strong bullish signal. This breakout suggests a potential new upside, with some analysts daring to predict a move toward the 6-cent level in the near future. #Dogecoin $DOGE is breaking out of an ascending parallel channel, signaling a potential move toward $0.060! pic.twitter.com/p4nclPILNr — Ali (@ali_charts) April 7, 2025 Since October 2023, a solid upward trend has been seen with Dogecoin, registering a nearly straight line on the technical trading charts, akin to what the experts might refer to as an “ascending channel” or “rising wedge.” That aforementioned channel has now converged or is set to converge with the all-important 61.8% Fibonacci retracement level, a major technical indicator that traders often watch as a gauge of potential support or resistance for an asset’s price. If Dogecoin is able to hold above the intersection of the two lines (uptrend and Fibonacci retracement), it might signal not just a hold but an actual advancement for the value of Dogecoin over the next several weeks. Since October 2023, #Dogecoin $DOGE has respected a rising trendline that now converges with the 61.8% Fib retracement at $0.13, making this a key support level to watch. pic.twitter.com/fSlblEcpiu — Ali (@ali_charts) April 8, 2025 Even with these excellent technical signs, the market presents us with certain challenges. A new report from Santiment shows that Dogecoin’s large holders (the so-called “whales”) have been selling off their DOGE tokens in quite large quantities and at quite a rapid pace over the last couple of days. In just the last 48 hours, these DOGE whales offloaded more than 1.32 billion tokens, a sell-off that could pressure the price down in the short tool. Now, why are we concerned about this? Well, these large sell-offs can sometimes be indicative of a shift in sentiment toward the negative for Dogecoin. Whales sold over 1.32 billion #Dogecoin $DOGE in the last 48 hours, as shown by data from @santimentfeed ! pic.twitter.com/K3n6sD03Kl — Ali (@ali_charts) April 9, 2025 Whales’ Influence and Market Sentiment The recent sell-offs by large Dogecoin holders could be a sign of profit-taking or shifting strategies. When large holders move significant amounts of cryptocurrency, it often triggers short-term price changes that affect the market. These kinds of market moves also remind us how volatile the Dogecoin market is. You can certainly view the large holder sell-off as a negative sign. Some sell-off signal, “Get out while you can!” But you can also interpret it as a price drop that creates an opportunity to buy Dogecoin at a lower price. Conversely, launching the $DOGE ETP within a structure similar to that of exchange-traded products is probably going to get more investors, both retail and institutional, to dip their toes into Dogecoin. The reason is simple: these investors generally prefer the kind of regulatory framework and product structure provided by an ETP. Moreover, the backing of this product by the Dogecoin Foundation, which is now an active player in the world of cryptocurrencies, adds a layer of credibility to it. The Future of Dogecoin: A Shifting Narrative Bringing the Dogecoin ETP to Wall Street is monumental for the cryptocurrency. It is a clear signal of the shift in how this digital asset is now being regarded. What used to be seen as a joke or meme is now a legitimate financial product with proper institutional backing. And as Dogecoin continues to break out of its parallel channels and as technical indicators continue to suggest it’s going to keep running, it’s safe to say the cryptocurrency is maturing. Although the key feature of Dogecoin is still its volatility, institutional investors are now entering the world of Dogecoin, as represented by the launch of the $DOGE ETP. And with deeper pockets comes, potentially, deeper legitimacy for what was once just an internet meme. The ETP represents a significant step for Dogecoin in terms of possible further adoption by large pools of money. In the wider cryptocurrency market, the journey of Dogecoin reflects a larger trend that bestows legitimacy on once-speculative or “joke” cryptocurrencies. Increasingly, institutions are making the move into this formerly niche space. So, too, are their adjoining products. The $DOGE ETP, which tracks the price of Dogecoin, is funded with direct investments in the asset. It’s an ETF you might actually understand. To conclude, we can say that Dogecoin has ceased being a mere meme in the world of cryptocurrencies. It is now one such digital currency that is being taken rather seriously even by a number of institutional investors. The implementations of the Dogecoin ETP on Swiss stock exchanges and the very recent technical breakout during which the Dogecoin price more than doubled since Feb. 28, 2021 all attest to the ongoing transformation of Dogecoin from a comical digital dollar to a real digital asset. One that you are just as likely to see again in your investment portfolio as you would the eToro logo. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !