Dogecoin’s On-Chain Turnaround Is Putting the Best Meme Coins Back on the Menu

An XRP analyst has projected that spot ETFs could rapidly consume available tokens if significant inflows continue. The model suggests that a single XRP ETF could see daily inflows averaging $90 million, leading to a potential demand for over 229 million XRP in just one day. This scenario raises concerns about the limited public supply of XRP amidst increasing ETF interest.

Dogecoin has reached multi-month lows as exchange flows have turned bullish for the first time in six months. This shift in market sentiment comes amid a backdrop of fluctuating prices and ongoing volatility in the cryptocurrency market, highlighting the challenges faced by Dogecoin and its investors.

Grayscale is set to launch an XRP trust ETF, which may enhance the mainstream adoption and regulatory acceptance of cryptocurrency investments. This move follows a growing interest in crypto-linked financial products and could signify a shift in market dynamics.

Dogecoin price is currently defending the $0.15 level as a double bottom pattern begins to emerge. If this pattern is confirmed, it may indicate a potential rally towards $0.20 and beyond.

The second wave of Solana-based Exchange-Traded Funds (ETFs) has launched, with strong demand driving Solana's price recovery to $140. VanEck's new Solana ETF debuted on Nasdaq, waiving fees for initial assets under management. This development suggests a potential rebound for Solana amidst recent market volatility.

Dogecoin is currently at a critical juncture as market conditions weaken while on-chain risk metrics show extreme values. Analyst Cryptollica has shared charts that compare the DOGE/USDT price channel with Alphafractal’s Reserve Risk framework, questioning whether this signals a breakdown or a long-term bottom. The Reserve Risk metric assesses the conviction of long-term holders against market pricing, indicating potential volatility in Dogecoin's future.

Grayscale is poised to launch the first U.S. spot Dogecoin ETF on November 24, as reported by Bloomberg's Senior ETF analyst Eric Balchunas. This development signifies Dogecoin's formal entry into the mainstream U.S. ETF market, potentially enhancing its legitimacy and adoption among institutional investors. The anticipated ETF launch follows Grayscale's recent SEC filing, which has generated optimism within the cryptocurrency community.

Grayscale's Dogecoin ETF is set to launch on November 24, a pivotal moment for Dogecoin's institutional acceptance. Analyst Eric Balchunas suggests a high likelihood of this launch based on Grayscale's recent SEC filing. The Maxi Doge presale has already surpassed $4 million, offering staking rewards of 76% and a token price of $0.0002685. The anticipated ETF could enhance the value of Dogecoin and similar tokens, as the cryptocurrency market sees a surge in ETF launches, indicating growing institutional interest.