Dogecoin’s price marked an uptick of roughly 1.50% in the past 24 hours, and as of writing, it is exchanging hands at $0.2334. Its market cap is $35.13 billion, representing a surge of 1.40%.
Market watchers argue that the bullishness in Dogecoin intraday has been fueled following Grayscale’s filing with the Securities and Exchange Commission of the United States to launch a Doge spot ETF.
The pioneer of crypto ETFs said in its registration statement with the SEC that the yet-to-be-approved DOGE ETF will trade on NYSE Arca under the ticker ‘GDOG’. Worth noting that the Dog-based memecoin will serve as the sole assets of the trust under the custody of Coinbase Custody Trust Company.
Grayscale’s S-1 registration to pave a bullish path for Dogecoin
Following the S-1 registration from Grayscale with the SEC, another Dogecoin ETF filing has been added to the commission’s review bucket, including filings from REX-Osprey and Bitwise.
The filing by Grayscale came a day after the U.S. SEC had delayed its takeover of the Solana spot ETF applications.
Dogecoin has been a prominent player in the memecoin category, and stands at the top in terms of market capitalization, volume, and trust, yet coins such as Bonk, Pepe, Shiba Inu, and Pudgy Penguins seem to be competing closely, yet remain below.
It has gathered massive attention as it has been endorsed by dozens of internet sensations and is reportedly the favorite of Tesla owner.
Over the last few years, Dogecoin has been trading below $0.5000, yet with its growing relevance among ETF providers is expected to shape a brighter path for its future, with a higher chance of crossing its all-time high of $0.7376 if its ETFs get approval.
According to the data from CoinMarketCap in the 52-week time frame, Doge traded highest at $0.4835 and lowest at $0.08937, yet in a month it mirrored a high of $0.2868.
Despite slowness in prices, the market capitalization of Dogecoin grew by 140.24% in 52 weeks, and in a quarter, it is up by 9.33% and 9.75% in a month. At the press time, the cap was above all crucial EMAs, including 20-day, 50-day, 100-day, and 200-day.
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