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▲ Dogecoin (DOGE)
Dogecoin (DOGE) once again revealed its nature as a high-beta asset, showing a similar upward trend to Bitcoin (BTC) even without spot ETF fund inflows.
During the first two trading days of May, $1.16 billion flowed into Bitcoin spot ETFs. These funds served as a major driver for Bitcoin's 5.87% rise. In contrast, there were no fund inflows into the Dogecoin spot ETF sector. Nevertheless, Dogecoin rose by 5% during the same period, almost perfectly mirroring Bitcoin's trend.
In terms of technical trends, both assets showed a similar structure. Both Bitcoin and Dogecoin successfully closed above their 23-day moving average (short-term) and 50-day moving average (mid-term). However, neither has yet surpassed the 200-day moving average, considered a long-term trendline. Bitcoin's 200-day moving average is around $83,400, and Dogecoin's 200-day moving average is around $0.124.
This synchronization demonstrates that Dogecoin continues to maintain its character as a high-beta asset relative to Bitcoin. When institutional funds flowing into Bitcoin boost overall market liquidity, Dogecoin rides that wave and rises without direct ETF benefits. Bitcoin pays the cost to set the stage for a rally, and Dogecoin appears to ride that trend without an institutional invitation.
This trend raises the question of whether ETFs are an indispensable condition for virtual asset price increases. Dogecoin has shown that it can move prices solely through the existing market structure, driven by large holders and individual investors, even without institutional fund inflows. Specifically, as the expectations generated by Bitcoin spot ETFs spread to other assets, it has been confirmed that assets without direct fund inflows can also experience upward pressure.
While Dogecoin rose by 65% from April to May 2025 based on its own narrative, the current rise is closer to a Bitcoin-led liquidity spillover effect. While Bitcoin, backed by institutional funds, played the role of the market's headliner, Dogecoin emerged as one of the assets that reacted most strongly, even without separate ETF funds.
Ultimately, Dogecoin's recent rise demonstrates that market sentiment and liquidity expansion can operate more quickly than direct inflows of institutional funds. Even in the complete absence of spot ETF funds, Dogecoin, which recorded similar returns to Bitcoin, remains a representative asset in the virtual asset market that is highly sensitive to speculative sentiment and liquidity changes.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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