SEC Advances Spot Dogecoin ETF to Review Stage; DOGE Price Reacts
Highlights
- 21Shares has joined the likes of Grayscale Investments awaiting decision on Dogecoin ETF application
- Dogecoin price is in rebound mode following the DOGE ETF acknowledgment by US SEC
- Odds of crypto ETF approvals is high, but regulatory uncertainties still abound
The Dogecoin community reacted positively as the United States Securities and Exchange Commission (SEC) officially acknowledged the spot Dogecoin ETF filing from 21Shares on Tuesday night. The move is significant as it puts the 21Shares DOGE ETF product on the commission’s timeline for approval. The DOGE prices have rallied over 6% since the news broke.
21Shares Dogecoin ETF Under SEC Review
With SEC acknowledgement, the 21Shares product now joins Grayscale Investments, which are also awaiting feedback from the US SEC. Notably, the commission can take up to 240 days to approve or reject the ETF proposal.
Though the commission’s approval of the fund anytime soon remains unlikely, the acknowledgement suggests that a review process for the proposed ETF has kicked off. Given the US SEC’s regulatory overhaul, the fund may be approved and launched later this year. Many crypto enthusiasts are optimistic that the new SEC leadership will hasten the review process.
21Shares filed for the DOGE ETF on April 9. The firm hopes to launch the product to provide exposure to the Dogecoin price with institutional investors as its target. The Bitcoin and Ethereum ETFs have been receiving massive institutional interest, fuelling their rally to new highs in recent weeks.
With a pro-crypto Donald Trump-led administration and the confirmation of Paul Atkins as SEC Chair, the agency has become more receptive to crypto. This ‘benevolence’ could impact the 21Shares’ Dogecoin ETF filing.
Market Momentum Shifts In Favor of DOGE Price
Following the US SEC acknowledgment of the 21Shares spot Dogecoin ETF filing, the DOGE price jumped 6.29% in the past 24 hours to $0.2404. This rally comes despite the volatility recorded earlier in the trading hours. However, the coin has pared off all short-term and long-term losses, with its 7-day price growth at 42.19%.
The price jump aligns with Rekt Capital’s recent analysis on the future of the canine-themed memecoin. Per the earlier DOGE price analysis, Rekt Capital noted that the coin could rally to $0.27 because it can hold support at the $0.22 price level amid an ongoing bullish shift in the market.
Beyond the Dogecoin ETF push, other asset management firms are waiting for related acknowledgment from the market regulators on their ETF applications. As reported earlier by CoinGape, Bitwise filed to list a spot NEAR ETF with the US SEC about a week ago.
With the current trend that has seen other top altcoins like Binance Coin, XRP, and Cardano jostling for ETF listings, market analysts have highlighted high odds of listing these alternative products.
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