Dogecoin (DOGE) Records 5% Surge as Valour Dogecoin SEK ETP Debuts on Sweden's Spotlight Stock Market

Dogecoin (DOGE) has recorded a 5% surge on its daily price chart to trade at $0.38 following reports that a Valour Dogecoin SEK ETP has been introduced

Dogecoin (DOGE) price surged by 5% on Monday to trade at $0.38 following reports that a Valour Dogecoin SEK ETP has been introduced in Sweden’s Spotlight Stock Market.

This initiative ensures that Nordic investors are given a simple and regulated way of learning Dogecoin without directly purchasing it.

Commenting on this, the Head of Product at Valour, Elaine Buehler, disclosed that the launch of the Dogecoin ETP would be a significant milestone in the effort to democratize digital assets. He believes that this would provide investors with regulated products that “capture the essence of Dogecoin’s dynamic market presence.”

Meanwhile, Johanna Belitz, the Head of Nordics at Valour, has disclosed that the initiative aligns with its vision of providing timely access to highly demanded digital assets.

“In light of the recent U.S. presidential election results and the subsequent surge in demand for Dogecoin, the launch of the Valour Dogecoin ETP on the Spotlight Stock Market aligns with our mission to provide investors with timely access to high-demand digital assets. The growing popularity of Dogecoin, bolstered by influential figures like Elon Musk, highlights our commitment to delivering innovative and diversified investment opportunities.”

Multiple factors are said to have contributed to the recent rise in demand for Dogecoin, according to our data.

Dogecoin Price Analysis

Dogecoin has recorded a sustained upward momentum with a 169% surge in the past six months to reach a yearly high of $0.475.

Subjecting the asset to technical analysis, crypto trader Alan Santana has disclosed that the recent price surge marks an end to the three-year consolidation period. Per his observation, this month is a bullish month and alludes to a similar price action in January 2021.

“This month is a bullish breakout month and the first strong green month since the 2021 bull market. If we look back to 2021, when similar action occurred —January; what followed was a very strong bullish phase. Just because we are seeing strong growth it doesn’t mean this is the end. In fact, this very strong growth signals the beginning of the bullish cycle so expect more.”

Countering the narrative that Dogecoin’s price could be reaching its peak, Santana highlighted that:

“Dogecoin has much more to give; the truth is that there is no limit as to how high prices can go. Money is infinite… And the Cryptocurrency market is still very young.”

Moreover, Santana stated that there could be “swings and shake out” within the period. Additionally, there could be a strong correction. However, these are good periods to take profit and rebuy, according to the analyst.