DOGE (Dogecoin) down 4.61% in the last 24 hours

Gate News Bot Message, November 12th, according to CoinMarketCap data, DOGE (Dogecoin) is currently priced at $0.17, down 4.61% in the past 24 hours. The highest price reached $0.19, and the lowest dropped to $0.16. The 24-hour trading volume is $1.956 billion. The current market capitalization is approximately $26.202 billion, a decrease of about $1.267 billion from yesterday. DOGE is currently ranked 9th in the cryptocurrency market cap rankings.

Recent important news about DOGE:

1️⃣ Elon Musk emphasizes DOGE’s impact on bureaucratic institutions Tesla CEO Elon Musk recently stated that DOGE poses a threat to traditional bureaucratic organizations. He pointed out that before DOGE, elected officials had very limited power compared to bureaucracies, and the rise of DOGE has changed this dynamic. This perspective highlights the potential for cryptocurrencies to have a profound impact on existing political and financial systems, which may boost investor confidence in DOGE’s long-term value.

2️⃣ KuPool strengthens DOGE mining pool operations KuPool announced the appointment of a new Chief Operating Officer to drive growth in mining pools for mainstream cryptocurrencies like DOGE. This strategic move aims to improve global miner profitability and competitiveness, reinforcing KuPool’s leadership in hash power. Currently, KuPool’s LTC/DOGE mining ranks fourth worldwide, with total pool hash rate continuously increasing. This initiative is expected to enhance the stability and security of the DOGE network, laying a foundation for its long-term development.

3️⃣ Grayscale announces DOGE ETF fee rate Grayscale has announced a fee rate of 0.35% for its Dogecoin ETF product. This competitive fee level indicates that institutions are developing standardized investment vehicles for DOGE. The launch of such ETF products could attract more institutional investors, benefiting DOGE’s market development and liquidity over the long term.

From a technical perspective, DOGE’s price has experienced a significant decline within 24 hours, possibly due to short-term profit-taking and market sentiment fluctuations. However, on the fundamental side, Musk’s comments provide a positive outlook for DOGE, while KuPool’s expansion and the potential ETF launch offer new development opportunities that could support the price in the medium to long term. Investors should closely monitor the overall cryptocurrency market trend and the development of DOGE’s ecosystem.

This message is not investment advice. Please be aware of market volatility risks.