Updates on meme coins: DOGE ETF developments, LIBRA surges 80%, and Shibarium transactions soar.

• Dogecoin ETF expected to launch on November 24.
• LIBRA surges as the team buys the dip in Solana.
• Shibarium transactions skyrocket by 78%, indicating renewed user activity.

Today, cryptocurrencies are experiencing a downward trend, as Bitcoin struggles to stay above $90,000, with altcoins indicating potential further declines. This article highlights the tokens capturing attention in the meme coin landscape, particularly Dogecoin, LIBRA, and Shiba Inu.

Grayscale’s DOGE ETF Approaches Launch

The original meme cryptocurrency is garnering attention from the crypto community as discussions intensify around the anticipated launch of Grayscale’s Dogecoin exchange-traded fund (ETF).

Bloomberg ETF analyst Eric Balchunas projects the product will launch on November 24, citing SEC recommendations. He stated:

I believe Grayscale will unveil the first Doge ETF in about a week, on 11/24. We’ll see, it’s not 100% certain until an exchange gives the green light, but according to SEC guidelines, it looks promising.

A successful approval would mark a significant breakthrough for Dogecoin and the entire meme coin market. Although meme assets often drive the overall cryptocurrency industry, they face growing criticism for being fueled by hype with little intrinsic value.

A Dogecoin ETF would enhance the visibility and credibility of the digital token, and additionally, regulated use cases would further catalyze stable growth for DOGE.

The crypto community eagerly anticipates the upcoming launch of Grayscale’s Dogecoin ETF. Altcoin ETFs have gained traction since the initial wave launched by Solana, Litecoin, and Hedera on October 28, with almost guaranteed approval now appearing likely.

Currently, DOGE is trading at $0.1585, having lost 1.20% over the past 24 hours and 10% over the past week.

LIBRA Surges by 103%

As bearish sentiments shake the overall cryptocurrency market, LIBRA has decoupled, experiencing a remarkable surge of 103%.

This token stands out as one of the few achieving gains today. The sudden rise followed the announcement that the LIBRA team had invested in Solana, spending $61.59 million to acquire 456,393 SOL.

This accumulation reflects confidence in Solana’s performance following a nearly 15% drop the preceding week. However, the LIBRA rally may not be organic, as evidenced by a 60% decline in trading volume over 24 hours.

The thematic token may likely reverse its gains in the upcoming sessions unless trading activity improves amid more favorable market sentiment.

Shibarium Transactions Surge by 78%

Shiba Inu’s Layer 2 scaling solution, Shibarium, has recently experienced a spike in transactions, indicating renewed user interest.

According to data from Shibariumscan, daily transactions on the platform surged from 243,000 on November 16 to 433,000 within just 24 hours — reflecting an approximate 78% increase.

This follows a drop in Shibarium activity earlier last month, when daily transactions plummeted to 1,500 on November 5 — a staggering 88% decline from peaks on October 24. While Layer 2 continues to show promising recoveries, the price of Shiba Inu has lagged behind.

SHIB has decreased by 10% in value over the past week and is currently trading at $0.000008856. The altcoin has remained relatively stable over the last 24 hours, with a slight drop of 0.95%. Its trading volume, however, has increased by 17% during this period, indicating trader interest.

Simultaneously, broader market sentiments continue to influence the performance of meme cryptocurrencies. Selling pressure dominated the crypto landscape as “extreme fear” took hold of the market. Nevertheless, Tom Lee from Fundstrat anticipates the market might reach a bottom this week.