The cryptocurrency industry’s remarkable triumph over the traditional financial sector has recently driven the widespread acceptance of altcoin projects. Digital assets have taken on a new light, particularly among institutional investors, thanks to the resounding backing of crypto-friendly US officials in recent weeks.
An increasing number of investment fund managers have also registered with the US Securities and Exchange Commission (SEC) to provide spot altcoins ETFs, including Litecoin, Solana, XRP, and others. Further investment in the web3 sector is anticipated in the near future, thanks to the continuing macro crypto bull market.
When Dogecoin Spot ETF?
One reason Dogecoin (DOGE) has maintained its position as a meme coin market leader is the unfaltering backing it has received from tech billionaire Elon Musk. Dogecoin is proud to have over 5.9 million on-chain holders and use the renowned proof-of-work consensus process to safeguard its network. Nevertheless, not a single crypto investment fund manager who is in favor of cryptocurrency has applied for a position.
Dogecoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) up until now. U.S. President-elect Donald Trump’s inauguration, says Bloomberg senior ETF analyst Eric Balchunas, will pave the way for investment fund managers to request a spot in Dogecoin ETF. With Paul Atkins taking over as chair of the US SEC, the prospects of crypto ETF approvals are looking much brighter.
Crypto whales bought $250 million worth of Dogecoins—more than $77 million—during the last market slump, according to on-chain data analysis by Sentiment. This means that the top 10% of Dogecoin holders—those with balances of 1–10 million units—now own almost 10.7 billion DOGE, or over 1% of the total supply.
Midterm Targets Dogecoin price
The price of Dogecoin, which saw considerable rises over the previous two months, is now stuck in a midway correction period. The large-cap meme coin is re-evaluating the support level near the 0.5 daily Fibonacci Retracement, which may soon lead to a significant rebound.
Its fully diluted valuation is approximately $47 billion, and its typical daily trading volume is around $5 billion. After the Relative Strength Index (RSI) surged above the 85 percent threshold for the first time since mid-2021, the price of DOGE is aiming for an all-time high in the weekly time frame.
Summary
Institutional investors and SEC-registered money managers embrace altcoin exchange-traded funds (ETFs), including Litecoin, Solana, and XRP, signaling industry growth. A Dogecoin spot ETF has improved due to SEC leadership changes, but no funds have applied for one despite the cryptocurrency’s popularity. Musk’s whale purchase gave the top 10% of Dogecoin holders over 1% of the supply. Strong RSI readings and a $47 billion valuation back the price’s pursuit of an all-time high despite a drop.
FAQs
What is the status of Dogecoin's spot ETF?
Although Dogecoin remains popular, no investment fund managers have yet applied for a spot Dogecoin ETF, despite growing interest.
Why is Dogecoin considered a leader in the meme coin market?
Dogecoin's position as a leader is supported by Elon Musk's unwavering backing and a large base of on-chain holders.
How has the SEC's leadership change affected crypto ETFs?
The change in SEC leadership has improved the outlook for crypto ETF approvals, with experts optimistic about future applications.
What factors are influencing Dogecoin's price outlook?
Dogecoin’s price is seeing a mid-term correction, but with strong RSI readings and a $47 billion valuation, it’s poised for a potential rebound.
