Dogecoin ETFs Move To The Fore: Can Positive Sentiment Drive It To $0.35?
Release: 2024/05/23 07:04 Reading: 401
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=301453
The Brighter Prospects for a Dogecoin (DOGE) ETF
Amidst the positive sentiment surrounding the potential approval of Spot Ethereum ETFs, the idea of a Dogecoin (DOGE) exchange-traded fund (ETF) has resurfaced. Crypto experts suggest that this could pave the way for the approval of other crypto funds.
Increased Odds for a DOGE ETF
Crypto venture capitalist Andrew Kang recently expressed optimism about the likelihood of a DOGE ETF, citing the imminent regulatory clarity for the crypto industry. He pointed to the Financial Innovation and Technology for the 21st Century (FIT21) bill, which aims to grant crypto regulation to the Commodity Futures Trading Commission (CFTC).
Kang has previously discussed the possibility of a DOGE ETF, estimating a 30% chance of approval in March. He attributed his hope to recent regulatory developments, including Donald Trump's presidency and Dogecoin's decentralized nature.
SEC's Shift in Stance
Kang's confidence has been further boosted by the SEC's recent indications that it may approve Spot Ethereum ETFs. He believes this could be the first step in a broader shift in the government's anti-crypto stance.
Crypto expert Anthony Pompliano also believes that the approval of a Spot Ethereum ETF could be a game-changer for the crypto industry. He stated that it would signify the approval of the entire industry.
Potential Impact on DOGE Price
The launch of a DOGE ETF could significantly impact its price, as seen with the surge in Bitcoin's price following the approval of Spot Bitcoin ETFs. Similarly, Ethereum's price rallied on news of the SEC's willingness to approve Spot Ethereum ETFs.
If an application for a DOGE ETF is submitted to the SEC, it is likely to trigger a similar price surge for DOGE.
src="/uploads/20240523/1716421078664e81d69a9ed.png">DOGE price at $0.16 | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com
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