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Why Dogecoin Is Moving Higher Today

Source The Motley Fool

Key Points

Dogecoin has continued to gain ground on expectations that an ETF built around the token could launch this week.
Rex Shares and Osprey Funds have submitted a prospectus to the SEC, requesting approval of a Dogecoin ETF under a different legislative framework.
The launch of Dogecoin ETFs could create meaningful positive catalysts for the token.
10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) is posting another round of strong gains in Tuesday's trading. The crypto token was up 1% at 2:30 p.m. ET. At the same time, Bitcoin and Ethereum were both down roughly 1%.

Dogecoin has continued to climb on expectations that the Securities and Exchange Commission (SEC) could be poised to approve a Dogecoin exchange traded fund (ETF). The cryptocurrency is now up 13.9% over the last seven days of trading -- a performance that makes it the biggest gainer of any top-10-market-cap token across that stretch.

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A chart line moving up over a hundred dollar bill.

Image source: Getty Images.

Dogecoin's climb continues on ETF hopes

Dogecoin enjoyed a big valuation boost in yesterday's trading following reports that the SEC could be on track to approve the first ETF centered on Dogecoin. If approved, it would be the first ETF built on a meme coin and could create a substantial new buying catalyst that helps support gains for the token.

What's next for Dogecoin?

Last week, Bloomberg analyst Eric Balchunas said that Rex Shares and Osprey Funds had teamed up to launch a new Dogecoin ETF. The prospectus filing for the new fund was built around achieving approval under the Investment Company Act of 1940, as opposed to the Securities Act of 1933, which has been the go-to framework for other ETFs centered on cryptocurrencies.

The new Dogecoin ETF could reportedly be approved and begin trading as early as this Thursday. If that winds up being the case, it could wind up triggering more gains for the meme coin. On the other hand, investors should keep in mind that Dogecoin remains a risky play even in the highly volatile crypto space.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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