Core Viewpoint - Dogecoin has experienced a significant price correction, dropping 9% to $0.26, following a rally to $0.31 amid excitement over the DOGE ETF launch by Rex-Osprey, with analysts suggesting this dip presents a buying opportunity [1][2]. Price Analysis - Following the recent correction, analysts believe Dogecoin could potentially rally up to 7 times its current price, targeting $7 [2]. - A breakout from a long-term triangle pattern has been confirmed on the weekly chart, indicating a potential price target of $1.70 with a favorable risk-to-reward ratio of 1:29 [3]. Market Catalysts - The anticipated launch of the first-ever meme coin ETF is expected to act as a major catalyst for Dogecoin's price movement [4]. - Analysts suggest that the new ETF could attract significant capital inflows into Dogecoin, similar to the effects seen with Bitcoin and Ethereum after their ETF launches, with a potential price target of $1.40 [5]. Derivatives Market Strength - Dogecoin's open interest in the derivatives market has surged to $6 billion, marking the highest level since December 2024 [6]. - An increase in open interest typically indicates bullish momentum, suggesting that traders are opening new positions, which could lead to increased trading volume and further price appreciation [7].