Dogecoin Trades Higher Tuesday Morning As Grayscale DOGE ETF Debuts On Wall Street

Dogecoin (CRYPTO: DOGE) is showing gains early Tuesday following the much-anticipated launch of the first spot exchange-traded fund tracking the popular memecoin.

DOGE Gains Momentum

The dog-themed memecoin lifted over 2% in the last 24 hours, with trading volume rising 5.05% to $1.56 billion.

The derivatives market, however, showed a muted reaction, with open interest in DOGE futures rising only 0.96% in the last 24 hours, according to Coinglass.

Bullish Rally On Cards?

Widely followed cryptocurrency analyst Clifton Fx spotted a falling wedge formation on the coin’s 12-hour chart.

“In case of upside breakout, we can see 80-90% massive bullish rally in next coming days,” the analyst projected.

A falling wedge is a bullish pattern that suggests potential upward price movement and a reversal from an existing downtrend.