2024-5-23 22:48 |
Amidst a flurry of speculative activity in the cryptocurrency market, Dogecoin (DOGE) has once again taken the spotlight, surging on Tuesday just over 8% and reigniting discussions about the potential approval of a Dogecoin Exchange-Traded Fund (ETF).
Notably, the recent rally has bolstered optimism among investors and analysts, with many pointing to the practical use cases and growing adoption of Dogecoin as key factors driving the push for regulatory approval.
Andrew Kang, a prominent crypto venture capitalist, hinted at the possibility of a DOGE ETF, citing the increasing likelihood of a spot Ethereum ETF being approved.
“With significant political pressure for regulation of crypto to be officially bestowed upon the CFTC, the odds for a DOGE ETF look brighter than ever,” Kang tweeted on Monday.
This echoes sentiments he expressed in March, when he estimated the likelihood of a DOGE ETF approval to exceed 30%, especially as the regulatory environment for cryptocurrencies evolves and in light of potential developments.
Elsewhere, Dogecoin investors like Vee have expressed confidence in Dogecoin’s prospects, particularly given its longstanding presence in the crypto sphere and widespread adoption by businesses worldwide.
“After Bitcoin, and possibly Ethereum, venture capitalists expect a Dogecoin ETF to be approved by the SEC,” Vee tweeted. “Although it started as a joke, the currency has been in continuous use for 11 years, and has been adopted by a huge number of large and small businesses around the world. There are upsides and downsides to the potential approval of a DOGE ETF.”
Investors have also joined the chorus of optimism, with renowned analyst Matthew Hyland noting the emergence of a “clean inverse head and shoulders” pattern for the DOGE daily chart. He anticipated that a close of price above the neckline, which is currently in play, could push the price to the $0.24 zone soon.
In a Wednesday tweet, renowned analyst Ali Martinez echoed this optimism, stating, “History doesn’t repeat itself, but it often rhymes!” Alluding to a tweet earlier this month in which he suggested that Dogecoin’s current price action might foreshadow another significant bull run, reminiscent of previous growth and consolidation cycles.
It is also important to mention that according to data from IntoTheBlock, large transaction volumes for Dogecoin have surged by 31%, reaching $1.53 billion, while daily active addresses have expanded by 5.4% to 57,930. Moreover, transactions exceeding $100,000 have witnessed a notable uptick, indicating a burgeoning interest from institutional investors.
At press time, Dogecoin traded at $0.1668, reflecting a 1.23% surge over the past 24 hours. With 85% of Dogecoin holders currently in profit and total exchange inflows surpassing outflows, market sentiment remains primarily bullish.
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