Retail Investors Show Interest in DOGE in Early September

In the past month, market capital flows favored Ethereum. However, the market is now signaling potential turning points. One possible candidate for the next capital inflow is Dogecoin (DOGE).

What factors make Dogecoin a strong contender? The following updates help explain this possibility.

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Retail Investors Turn to DOGE Amid Hopes for a DOGE ETF

One of the most important indicators for Dogecoin is the Short-Term Holder Supply (STH Supply). This metric is climbing, suggesting that short-term investors are starting to accumulate DOGE.

STH Supply measures the DOGE held in wallets for less than 155 days. An increase in this metric reflects new capital from investors entering the market, often leading to higher buying pressure.

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According to data from Alphractal, historical charts show that Dogecoin’s STH Supply surged during 2017 and 2021. These periods coincided with explosive bull markets, when DOGE prices multiplied.

Dogecoin Supply Held by STH. Source: Alphractal

In early September 2025, STH Supply is rising again after a period of decline. Although the trend is not yet strong, this signal suggests new capital flows into DOGE, possibly setting the stage for another price rally similar to past cycles.

Another key factor supporting capital inflows in September is investors’ expectations of an approved DOGE ETF.

Prediction market Polymarket shows that by September, the probability of DOGE ETF approval hit a new high of over 90% — the highest level this year.

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DOGE ETF Approval Odds. Source: Polymarket

Recently, Rex Shares and Osprey Funds announced the upcoming launch of DOJE, an ETF tracking the performance of the popular memecoin.

However, DOJE is not a spot ETF like the ones already approved for Bitcoin and Ethereum. Instead, it is a 40-Act ETF designed to shorten the approval process.

Meanwhile, the SEC continues to review applications for a spot Dogecoin ETF from issuers such as Grayscale, Bitwise, and 21Shares. At the same time, technical analysts highlight an expanding wedge pattern, suggesting DOGE prices could rise to $1.4 by the end of the year.

Source: https://beincrypto.com/retail-investors-show-interest-in-doge/