The SEC today postponed the approval decisions for several cryptocurrency ETF applications. The products involved include: Franklin's SOL and XRP ETFs, Grayscale's HBAR ETF, Bitwise's DOGE ETF, the staking proposals for Franklin and Fidelity's Ethereum ETFs, Franklin's cryptocurrency ETF, and Invesco Galaxy's physical creation and redemption mechanism for Bitcoin and Ethereum ETFs.
Nasdaq applies to list 21Shares Dogecoin Spot ETF
According to documents submitted by Nasdaq to the SEC, Nasdaq plans to list and trade the 21Shares Dogecoin ETF under rule 5711(d). The trust is managed by 21Shares US LLC, with Coinbase Custody holding the Dogecoin assets, tracking the DOGE-USD reference rate index published by CF Benchmarks. The ETF will only allow cash creation and redemption, with each basket unit consisting of 10,000 shares. The trust does not use leverage or derivatives, nor does it engage in staking or yield generation.
This move is not just another application; it reflects an important evolution: Dogecoin, once seen as a joke, is now gaining recognition within the U.S. financial system.
(1) Is the regulatory environment more favorable?
After Paul Atkins was appointed as the new chairman of the U.S. Securities and Exchange Commission (SEC) during President Donald Trump’s term, the SEC has shown a clear supportive attitude toward cryptocurrencies. Atkins has publicly criticized the previous administration's approach, accusing it of stifling innovation through excessive regulatory barriers. This more favorable atmosphere significantly increases the success rate of the Dogecoin ETF.
What is the likelihood of the Dogecoin ETF being approved?
Given the SEC's recent record of approving Bitcoin and Ethereum ETFs, along with the Trump administration's public support for cryptocurrencies, the Dogecoin ETF is very likely to be approved within a few months. Bloomberg Intelligence predicts a 75% chance of approval for the Dogecoin ETF, potentially as early as late 2025.
What impact will this have on the DOGE price?
Historically, after the approval of spot Bitcoin ETFs in early 2024, Bitcoin's price surged over 40% within a few weeks. If the Dogecoin ETF is approved, it could trigger a similar upward trend, especially against its current moderate price of around $0.18. Conservative estimates suggest that the initial launch of the ETF could push Dogecoin's price to $0.30 to $0.40, with further increases possible if the overall cryptocurrency market remains bullish.
Can DOGE reach a new high in 2025?
If the Dogecoin ETF is approved (likely under the new SEC regime), Dogecoin could experience explosive growth. Based on past ETF approval reactions and the loyal fan base of Dogecoin, the price is expected to rise to the range of $0.30 to $0.50 by the end of 2025.
As of the time of writing, the trading price of Dogecoin is $0.1790, down 0.8% from the previous trading day. If Dogecoin closes above $0.20 this month, it will trigger a breakout, with a target price of $0.74. The $0.20 price level is the base indicator for bullish control, attracting future market participants. If the price steadily rises and breaks through $0.20, the market may gain upward momentum.
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