Dogecoin price fell more than 2% in response as the bearish trend continues.
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the 21Shares spot Dogecoin ETF, joining other altcoin ETFs facing a long waiting period.
As a result, Dogecoin price tumbled more than 2% over the last 24 hours, extending the monthly fall to over 15%.
According to the latest US SEC filing, the government agency has extended the decision to approve or deny the 21Shares Dogecoin ETF application to another 45 days.
21Shares Dogecoin ETF was delayed as the US SEC seeks more time to further evaluate whether the proposed ETF meets listing and trading requirements under Nasdaq Rule 5711(d), as per the filing. the US SEC stated:
Nasdaq filed the request to list and trade the 21Shares Dogecoin ETF on April 28. However, it was published in the Federal Register on May 19, making August 17 the next deadline for the SEC to make its decision.
Grayscale and Bitwise are other issuers seeking approval of the Dogecoin ETF from the US SEC. Both filed to approve the Dogecoin ETF in January this year.
However, the SEC has delayed the decision for both Grayscale and Bitwise Dogecoin ETF tracking the Spot Dogecoin price. The final deadline for Grayscale and Bitwise falls in October and November, respectively.
Meanwhile, Bloomberg ETF analysts have raised the odds for Dogecoin ETF approval to 90%. Bloomberg senior ETF analyst Eric Balchunas pointed out good signs emerging as the US SEC engages with Bitwise’s filing to update the application.
DOGE price fell more than 2% in the last 24 hours, but continues to move range-bound near $0.165 for a week. The price was trading at $0.163, with a 24-hour low and high of $0.1623 and $0.1678, respectively.
However, the trading volume has increased by 13% in the last 24 hours, indicating interest among traders.
In the daily timeframe, the price was trading below the 50-SMA, 100-SMA, and 200-SMA at the time of writing. Whereas, the Relative Strength Index (RSI) slipped to 39, signaling potential for a downslide move.
Moreover, the bearish trend continued for DOGE as the 20-EMA was still below the 50-EMA.
CoinGlass data showed selling in the derivatives market. At the time of writing, the total DOGE futures open interest fell 3% to $1.77 billion in the last 24 hours. DOGE futures OI on Binance, OKX, and Bybit dropped more than 2% on average. This signals negative sentiment among derivatives traders.
According to Glassnode data, Dogecoin traders have realized a massive $132 million in losses, compared to just $5.4 million in realized profits, the worst P&L imbalance among all top 10 crypto.
In contrast, Bitcoin posted $1.3 billion in profits and only $33 million in losses, while Ethereum losses were 52% of profits.
DOGE’s realized loss was over 40x higher than its realized profit, a figure unmatched even by volatile meme tokens.
The network was operating in the Hope/Fear zone per Glassnode’s sentiment framework, with a Spent Output Profit Ratio (SOPR) of just 0.96, indicating more users are selling at a loss than booking profit.
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