Could a Dogecoin Spot ETF be on the horizon? As crypto whales ramp up their purchases, Dogecoin (DOGE) is setting its sights on new all-time highs amid a thriving bull market. The recent strides made by the cryptocurrency sector against traditional finance have ushered in a wave of optimism. This surge is partly fueled by supportive US leaders who are reshaping how institutional investors view digital assets.
Recent news suggests that various investment fund managers are getting in line to file for spot altcoin ETFs, including popular contenders like Solana, XRP, and Litecoin, with the US Securities and Exchange Commission (SEC). Given the current momentum in the macro crypto market, more funds are likely to dive into the Web3 space.
So, when can we expect a Dogecoin Spot ETF? Despite Dogecoin’s status as a front-runner in the memecoin realm, thanks in large part to tech mogul Elon Musk, no managers have yet submitted paperwork for a spot ETF focusing on DOGE. However, Eric Balchunas, a noted ETF analyst at Bloomberg, hinted that the forthcoming presidency of Donald Trump could pave the way for investment managers to file for a Dogecoin ETF. The anticipated appointment of Paul Atkins as the SEC chair could further enhance the odds for crypto ETF approvals.
As Balchunas expressed, “If I’m Vegas, my favorite for the DOGE ticker is Venuto; that said, Tuttle is my top pick to file for the ETF.” This insight carries weight for those keeping a close eye on the evolving landscape of crypto investments.
Meanwhile, the buying spree among crypto whales is quite telling. Recent data from Santiment shows that these large investors snapped up a staggering 250 million Dogecoins, totaling over $77 million during a market dip. As a result, those holding between 1 million and 10 million DOGE now command more than 10.7 billion units, or nearly one percent of the entire circulating supply.
In terms of price action, Dogecoin has experienced a midterm correction after a significant rally over the past couple of months. With a fully diluted valuation around $47 billion and an impressive daily trade volume of about $5 billion, DOGE is critically testing support near the 0.5 daily Fibonacci Retracement. This pivotal point could serve as a launchpad for a notable rebound.
Looking at the weekly chart, the DOGE price is striving for a new all-time high, as the Relative Strength Index (RSI) has climbed above the 85 percent mark for the first time since mid-2021.
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