DOGE ETF Looms, LIBRA Surges, Shibarium Activity Rises

Dogecoin’s potential exchange-traded fund (ETF) is expected to launch on November 24, according to Bloomberg ETF analyst Eric Balchunas. The anticipated launch follows recent SEC guidance and marks a potential breakthrough for Dogecoin and the broader meme market. The DOGE ETF would increase visibility and potentially foster stable growth, following the approvals of ETFs for Solana, Litecoin, and Hedera starting October 6. DOGE is currently trading at $0.1585.

LIBRA experienced a significant 103% surge, defying the bearish trend impacting the wider cryptocurrency market. The rally followed news that the LIBRA team purchased a substantial amount of Solana (SOL), acquiring 456,393 SOL for 61.59 million USDC. This purchase signals confidence in Solana’s performance. Trading volume declined significantly, suggesting the rally may be unsustainable.

Shibarium, Shiba Inu’s Layer-2 scaling solution, saw a 78% increase in daily transactions, rising from 2.43K on November 16 to 4.33K within 24 hours. This rebound follows a period of reduced activity earlier in November. Despite the increased transaction activity, Shiba Inu’s price has declined 10% over the last week, currently trading at $0.000008856.

Broader market sentiment remains negative, with the “Extreme Fear” index prevalent across the cryptocurrency space. However, analyst Tom Lee of Fundstrat anticipates a market bottoming out this week.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.