The Nasdaq Stock Exchange has submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) to approve the listing of a spot Dogecoin (DOGE) exchange-traded fund (ETF) managed by 21Shares. This move marks an important step in the cryptocurrency market towards mainstream finance.
The layout of 21Shares and the market background
21Shares is a cryptocurrency asset management company based in Switzerland that submitted an S-1 filing on April 9 and announced an exclusive partnership with House of Doge, which will assist in promoting the fund. Currently, Dogecoin has a market capitalization of $26.6 billion, ranking eighth in the cryptocurrency market (according to CoinGecko data).
If this ETF is approved, it will become the world's first ETF tracking 'meme coins.' Although Dogecoin was initially created as a joke, its influence has far exceeded expectations, even leading to the naming of the 'Department of Efficiency' (DOGE) and being led by tech leader Elon Musk.
Surge in Altcoin ETF Applications
The application from 21Shares comes at a time of surging demand for altcoin ETFs. In a relaxed regulatory environment driven by the Trump administration, several institutions are actively seeking SEC approval, including Grayscale, Fidelity, and Franklin Templeton, targeting cryptocurrencies such as Solana (SOL), XRP, and Litecoin (LTC).
Bloomberg analysts previously predicted that the probability of Litecoin ETF approval is the highest (90%), followed by Dogecoin (75%), Solana (70%), and XRP (65%). Although the recent cryptocurrency market has slowed down, with Dogecoin's price retreating to the $0.174 support level, most analysts remain optimistic about its short-term performance.
Dogecoin Technical Analysis: Key Resistance Levels Determine Future Trends
Despite a recent pullback in Dogecoin, the overall trend remains upward. Technical charts show that Dogecoin is currently within an ascending parallel channel and is facing a test of key price levels. If it breaks through the $0.20 resistance level, it could lay the groundwork for a challenge of the historical high of $0.74; conversely, if it fails to break through, it may pull back to the $0.065 support level.
In the long term, Dogecoin is forming a temporary low at the 0.382 Fibonacci level, and the weekly Relative Strength Index (RSI) also shows oversold signals. Historical data indicates that such situations often accompany subsequent price increases. Additionally, the weekly Stoch RSI has shown a crossover confirmation signal, and although the two-week timeframe is not yet fully defined, the risk-reward ratio remains attractive.
The application for the Dogecoin ETF injects new vitality into the cryptocurrency market, and if approved, it will further promote its mainstreaming process. However, investors need to closely monitor the breakthrough of key resistance levels and the SEC's final approval results. Despite inevitable short-term fluctuations, Dogecoin still has significant upward potential from a long-term trend perspective.
