23 May
23May

The possibility of an Dogecoin (DOGE) exchange-traded fund (ETF) is being revisited, influenced in part by the optimistic outlook regarding the potential approval of Spot Ethereum ETFs. Crypto analysts speculate that the approval of such ETFs could serve as a precedent for the introduction of additional cryptocurrency funds.

The Dogecoin ETF's Odds Are "Brighter Than Ever"

Venture capitalist (VC) Andrew Kang stated that "the odds for a DOGE ETF look brighter than ever" in a post on X (previously Twitter), implying that regulatory clarification for the cryptocurrency space is likely to arrive soon. Kang was referring to the measure known as Financial Innovation and Technology for the 21st Century (FIT21), which intends to give the Commodity Futures Trading Commission (CFTC) authority over cryptocurrency.

Kang has previously talked about the prospect of a Dogecoin ETF becoming approved. The cryptocurrency expert stated in March that there was a 30% possibility that an investment fund associated with the most popular meme coin would be authorized in the end. He mentioned that the recent changes in regulations were the cause.

Additionally, he pointed out that factors such as Donald Trump's presidency victory and Dogecoin's status as the "most decentralized" altcoin could contribute to the approval of a DOGE ETF. In January, he emphasized that Dogecoin's absence of a presale and its classification as a non-security, despite its substantial market capitalization, justified the need for its own ETF.

With recent developments suggesting that the SEC may approve Spot Ethereum ETFs, Kang appears more optimistic about the prospects of a Dogecoin ETF being greenlit. He suggested in a recent X post that the approval of an ETH ETF could signify more than just an isolated event but potentially mark a significant shift in the government's stance on cryptocurrencies.

Crypto expert Anthony Pompliano shares Kang's sentiments, believing that the approval of a Spot Ethereum ETF could signal positive momentum for the entire crypto industry. He expressed in an X post that such an approval essentially sanctions the entire industry, characterizing it as the final barrier to overcome.

This Upbeat Attitude Could Push DOGE to All-Time Highs

Without a doubt, if the introduction of a Dogecoin ETF is successful, the price of the cryptocurrency might reach all-time highs. As seen by the price of Bitcoin when the Spot Bitcoin ETFs were approved previously, it is now clear how favorably a cryptocurrency's price might respond simply to the excitement surrounding the possible approval of an ETF.

Recently, news that the SEC had reversed course and was now willing to approve the Spot Ethereum ETFs caused Ethereum's price to soar. As a result, if an application is submitted to the SEC to introduce a Dogecoin ETF, DOGE's price is anticipated to see a large increase.

May 2024, Cryptoniteuae

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