Dogecoin Price Takes Off: ETF Buzz Creates Excitement

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Today, Dogecoin’s price surged by 11% to reach its highest monthly level. This increase occurred during a broader market recovery, but expectations surrounding a Dogecoin ETF played a significant role. Particularly noteworthy are the developments occurring close to Trump’s inauguration.

Launch of Dogecoin ETF

The anticipated launch of a Spot Bitcoin ETF at the beginning of 2024 has created opportunities for other popular cryptocurrencies to gain ETFs. The popularity of the BTC ETF and the high inflows have contributed to an increase in Bitcoin’s price. This performance has heightened demand for a Dogecoin ETF, as many believe that an ETF makes sense for such a widely adopted meme coin.

According to Polymarket data, the likelihood of a Dogecoin ETF being approved by 2025 stands at 36%. This figure is lower compared to the 70% approval chance for an XRP ETF. However, several firms have submitted ETF applications. Factors such as Dogecoin’s high volatility and lack of intrinsic utility have led some analysts to deem the ETF launch as risky.

Impact of the ETF on Dogecoin’s Price

Similar to the impact of the Bitcoin ETF on price rallies, a Dogecoin ETF is expected to significantly influence its price. Experts argue that the launch of a DOGE ETF could push Dogecoin above the $1 mark and provide a more stable investment option. This situation could potentially reduce the high volatility associated with meme coins.

“If the trend continues, Dogecoin could reach $20 in the coming years.” -Ali Martinez

Currently, Dogecoin trades at $0.4162, necessitating approximately a 50-fold increase to hit $20. Most experts indicate that ETF approval could substantially elevate Dogecoin’s price, while some caution that it might lead to outcomes similar to the failure of the Ethereum ETF.

The year 2024 appears promising for the crypto market, with ETF launches, Bitcoin price rallies, and Trump’s crypto-friendly stance contributing positively. Analysts anticipate that this trend could yield even more favorable effects in 2025. In the event of Dogecoin ETF approval, upward price movement is likely.

Since Trump’s electoral victory, Dogecoin has seen a 173% increase, suggesting it could surpass the $1 level. In the short term, reversals at Fibonacci levels may influence price movements, indicating that if bullish momentum continues, stable increases in Dogecoin’s price may be observed.

The potential launch of a Dogecoin ETF by 2025 could represent a significant turning point for investors. If approved, Dogecoin is expected to gain acceptance from a broader investor base and experience steady price increases. However, the SEC‘s decision and market conditions will ultimately determine this process.

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