Dogecoin Soars 8% Above $0.15 as 21Shares Files for Spot ETF: Technical Outlook Remains Cautious
Dogecoin (DOGE) is experiencing a significant upward momentum, trading above $0.15 and recording an 8% gain over the past 24 hours, as cryptocurrency asset manager 21Shares joins the growing list of firms seeking regulatory approval for a spot Dogecoin exchange-traded fund (ETF) in the United States.
The popular meme cryptocurrency DOGE/USD, currently the eighth-largest digital asset with a market capitalization of $24.2 billion, is attracting renewed institutional interest amid a flurry of ETF applications. This development comes as the crypto market shows signs of recovery following a recent downturn.
21Shares Partners with Dogecoin Foundation for ETF Launch
For its proposed 21Shares Dogecoin ETF, On April 9, 21Shares turned in an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC). The petition claims that the fund tracks the CF Dogecoin-Dollar Settlement Price (DOGEUSD_RR), therefore exposing investors to Dogecoin price fluctuations without having actual ownership of the coin.
In order to support fund marketing initiatives, the asset manager also revealed a strategic alliance with House of Doge, the Dogecoin Foundation’s corporate arm. Furthermore assigned custody of the ETF’s assets is Coinbase Custody.
“Registered investment vehicles are essential for broadening access to digital assets, and Dogecoin’s growing adoption stresses its significance in the crypto ecosystem,” said Duncan Moir, President at 21Shares, stressing the relevance of the fund in their expanding portfolio of crypto ETF offers.
Although the S-1 filing is an important initial step, 21Shares still has to send a 19b-4 file starting the official approval procedure. For the intended ETF, the corporation has not yet indicated a ticker symbol, fee schedule, or listing exchange.
Increasing Institutional Competition in Memecoins
Not alone in the quest of a Dogecoin ETF is 21Shares. As these companies wait for regulatory judgments, rivals Bitwise, REX Shares, and Grayscale have also submitted applications for related investment products, therefore generating a competitive environment.
This explosion of crypto ETF filings echoes what Bloomberg ETF analyst James Seyffart termed in February as a “spaghetti cannon approach,” whereby issuers assess which products might be approved under new SEC leadership. While betting platform Polymarket now places the odds at 64%, Seyffart and fellow analyst Eric Balchunas estimate a 75% chance the SEC will approve a spot Dogecoin ETF this year.
Political Landscape Potentially Favorable for Crypto ETFs
The political climate in the United States nowadays could be favorable for approvals of cryptocurrencies ETFs. The government of President Donald Trump has shown support for the crypto sector; the president recently imposed a 90-day tariff suspension impacting 75 countries, coinciding with a more general 12% increase in the overall cryptocurrency sector.
Especially, Elon Musk, a well-known Dogecoin backer and the idea behind the Department of Government Efficiency (D.O.G.E.), is rather powerful in the present government. Some analysts have speculated based on this link that a Dogecoin ETF approval could have good chances in the present legislative environment.
21Shares has meanwhile extended its Dogecoin products abroad, introducing a fully backed Dogecoin exchange-traded vehicle under the symbol “DOGE” on Switzerland’s SIX Swiss Exchange under a 2.5% charge.
DOGE/USD Technical Analysis: DOGE Price Movement and Sentiment
Dogecoin has seen notable volatility in recent months despite the recent bullish pricing action. DOGE underwent a significant downturn after peaking at $0.4835, plummeting to as low as $0.1315 prior to its present comeback.
Glassnode’s on-chain statistics shows that 50.8% of Dogecoin’s supply is still “in profit,” hence slightly over half of the coins in use are now valued more than they were last transferred. This almost equally split between profitable and unprofitable positions points to a neutral investor base with equal incentives to either hold or sell.
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