Dogecoin ETFs Move To The Fore: Can Positive Sentiment Drive It To $0.35?

Source Bitcoinist
May 22, 2024 23:00

The idea of a Dogecoin (DOGE) exchange-traded fund (ETF) has been raised again. This is partly due to the positive sentiment around a potential approval of the Spot Ethereum ETFs, which crypto experts believe could open the door for other crypto funds. 

The Odds For A Dogecoin ETF Are “Brighter Than Ever”

Crypto venture capitalist (VC) Andrew Kang mentioned in an X (formerly Twitter) post that “the odds for a DOGE ETF look brighter than ever,” with regulatory clarity for the crypto industry looking to be imminent. Kang was referring to the Financial Innovation and Technology for the 21st Century (FIT21) bill, which aims to bestow crypto regulation upon the Commodity Futures Trading Commission (CFTC). 

This isn’t the first time Kang has discussed the possibility of a Dogecoin ETF being approved. In March, the crypto expert mentioned that there was a 30% chance that an investment fund related to the foremost meme coin would be eventually approved. He alluded to the recent regulatory developments as a reason why he had such hopes. 

Furthermore, he highlighted Donald Trump winning the presidency and Dogecoin being the “most decentralized” altcoin as factors that could aid in approving a DOGE ETF. Meanwhile, in January, he mentioned that Dogecoin is one of the biggest market cap coins that has never had a presale and has never been considered a security, which is why it deserved its own ETF. 

Kang also looks more confident about a Dogecoin ETF being approved thanks to the recent development, which shows that the SEC will likely approve the Spot Ethereum ETFs. He mentioned in a recent X post that “it is possible that an ETH ETF approval is not just an isolated event” but a first step of a “complete U-Turn” in the government’s anti-crypto stance. 

Crypto expert Anthony Pompliano also believes that a Spot Ethereum ETF approval could be the beginning of great things for the crypto industry. He stated in an X post that “they are approving the entire industry” if they approve the Ethereum ETF. “This is the last dam to be broken,” he claimed. 

This Positive Sentiment Can Drive DOGE To New Highs

There is no doubt that Dogecoin’s price could rise to new highs if the launch of a Dogecoin ETF becomes feasible. It has become evident how positively a crypto’s price can react just to the hype around the potential approval of an ETF, as seen with Bitcoin’s price before when the Spot Bitcoin ETFs were approved. 

More recently, Ethereum’s price rallied on news that the SEC had made a U-turn and was willing to approve the Spot Ethereum ETFs. Therefore, DOGE’s price can be expected to experience a significant price surge if an application is made to the SEC to launch a Dogecoin ETF. 

Dogecoin price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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