The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The U.S. SEC has acknowledged Grayscale's proposals for an XRP and Dogecoin exchange-traded fund and is asking for public comments.
The analysts estimate that Litecoin ETFs filed by Canary and Grayscale have the highest chance of approval.
Experts speculate on the potential launch of memecoin ETFs, with issuers already filing for funds tied to tokens like Trump’s memecoins.
Asset manager Grayscale has become the third to file to offer a Dogecoin ETF, sparking a bullish sentiment in the DOGE community. This development has also raised the possibility of the Dogecoin price rallying to $1 soon enough. Related Reading: Trump Effect? Solana Stablecoin Supply Jumps 73% Since Mid-January Grayscale’s Dogecoin ETF Filing Sparks Optimism Of DOGE’s Rally To $1 Grayscale’s Dogecoin ETF filing has sparked optimism of a DOGE rally to $1. The New York Stock Exchange already filed the 19b-4 form with the US SEC to list and trade shares of Grayscale’s DOGE Trust. Grayscale is looking to convert the Trust into an ETF, which will make it tradeable on the NYSE. This Dogecoin ETF filing, which is the third following the one from REX Shares and Bitwise, has further sparked optimism that DOGE could indeed reach the psychological $1 level. A potential Dogecoin ETF is bullish as it would drive institutional inflows into the DOGE ecosystem, sparking further rallies for the foremost meme coin. Such fundamentals could serve as the catalyst for price predictions made by crypto analysts like Trader Tradigrade, who predicted that DOGE could rally above the $1 mark. In an X post, the crypto analyst remarked that the Dogecoin price is gearing up for a massive rally. His accompanying chart showed that the foremost meme coin could surge past the $1 mark and reach $3.8 when this rally occurs. News around the Dogecoin ETF could spark a bullish reversal for the Dogecoin price, with this reversal already looking imminent. In another X post, Trader Tardigrade revealed that DOGE’s MACD Golden Cross is approaching. With the ascending triangle pattern and consecutive higher lows, the analyst further remarked that the meme coin could potentially reverse the downtrend into an uptrend. DOGE’s Uptrend Could Begin This February In a recent X post, crypto analyst Master Kenobi suggested that Dogecoin’s uptrend could begin this February. This came as the analyst alluded to DOGE’s performance last year. He noted that February 4th marked the first signs of an uptrend. With the month of February here again, Master Kenobi raised the possibility of history repeating itself. However, it is worth mentioning that February isn’t exactly a historically bullish month for Dogecoin,. Since its launch in 2013, the foremost meme coin has recorded only an average monthly gain of 0.81% in February. However, as these analysts have suggested, there is still the possibility of a DOGE rebound this month, replicating the 50% gain recorded in February last year. Ahead of this potential Dogecoin price rebound, Dogecoin whales have been actively accumulating. Crypto analyst Ali Martinez revealed that these whales have accumulated 560 million DOGE in the past week, which signals a renewed interest from large holders. Related Reading: Analyst Explains Bitcoin’s Path To $150,000 – Details At the time of writing, the Dogecoin price is trading at around $0.32, down almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from TradingView
Following Bitwise’s and Rex Shares’ recent application for spot Dogecoin ETFs in the United States, crypto analyst Ali Martinez has provided a technical outlook suggesting Dogecoin (DOGE) could ascend to $15. His analysis, detailed in a logarithmic chart spanning from 2017 to 2025, captures a massive ascending channel that highlights the potential upward trajectory for DOGE. Dogecoin Targets $15 Martinez’s chart delineates a long-term ascending channel where Dogecoin’s price action is bounded by a structure consisting of three parallel trendlines. The lowest of these lines has consistently served as a firm support since 2017, aiding the price to stabilize during significant downturns, notably in early 2019 and again in mid-2022. The median line of the channel, which presently hovers around $0.40 to $0.45, has just been tested by DOGE as it recently surged to this level, marking a critical inflection point that was last touched in early 2022. Related Reading: Dogecoin ETF Filing Takes Market By Storm, Can Positive Sentiment Trigger 200% Rise To $1 ATH? The upper boundary of the channel, which is the focus of Martinez’s bullish forecast, is projected to climb well above $10, touching as high as $15 by late 2025. This top trendline is not just a theoretical limit but has proven to be the bull run top twice for the Dogecoin price, once in January 2018 and then in May 2021. At the last all-time high in May 2021, Doge even significantly exceeded the channel. Martinez’s prediction highlights the spot Dogecoin ETFs as potential market catalysts. He suggests that the approval and launch of such financial products could channel fresh institutional and retail investment into DOGE, propelling it towards these higher valuations. In trading terms, the current position of DOGE below the median line is pivotal. This price level has historically acted as a springboard for upward movement when sustained buying pressure is present. Should DOGE maintain its footing above this zone, the pathway to higher resistance levels around $1.00, and potentially the channel’s upper echelon near $15, appears technically feasible. Related Reading: Dogecoin Momentum Weakens: RSI Signals Bearish Continuation To $0.3 Notably, the spot Doge ETFs could hit the market as early as April, according to Bloomberg’s ETF specialist Eric Balchunas. Bitwise officially lodged the application to register a Dogecoin ETF on Wednesday. The company submitted its proposal, named the “Bitwise Dogecoin ETF,” to the Delaware Division of Corporations, which is part of the U.S. Department of State. Although such registrations can occasionally be misleading, Balchunas confirmed via X: “Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (vs some whack job committing forgery for a quick pump a la BlackRock XRP that one time).” Registering in Delaware represents an initial step before advancing to a formal ETF submission with the Securities and Exchange Commission (SEC). This registration process sets up the legal structure that would manage the proposed ETF but does not constitute a direct application for SEC approval. This initiative follows an earlier application by investment firms Rex Shares and Osprey Funds, both of which have also filed applications for multiple cryptocurrency ETFs, including one focused on Dogecoin. At press time, DOGE traded at $0.34. Featured image created with DALL.E, chart from TradingView.com
The ETP will trade on Sweden’s Spotlight Stock Market, offering investors' access to the world's largest memecoin.