Amid growing pressure for new crypto products, a 21-share spot DOGE coin ETF filing is now at its review stage, adding to DOGE's price for a rally.
The United States Securities and Exchange Commission (SEC) has officially recognized the Spot Dogecoin ETF filing from 21Shares, an update that has quickly fixed the value of DOGE.
This acknowledgment formally sets the 21Shares $DOGE ETF product on the timeline for commission approval. Notably, the Commission can take up to 240 days to approve or reject the ETF proposal.
21Shares Dogecoin ETF and DOGE Price Reaction
With the SEC’s approval, the 21Shares product now joins Grayscale Investments, which is also awaiting feedback from the US SEC.
21 shares were filed on April 9 for DOGE ETF. According to the firm's demand, it hopes to launch a product to provide exposure to the price of Dogecoin targeting institutional investors.
While it is not certain that the commission will approve the fund as it did with the Bitcoin and Ethereum ETFs, the recent acknowledgment suggests that the review process for the proposed ETF has begun.
The fund could be approved and launched later this year, pending a regulatory overhaul by the US SEC.
Many crypto enthusiasts are hopeful that the SEC’s new leadership will expedite the review process.
With an administration led by pro-crypto Donald Trump and the confirmation of Paul Atkins as SEC chair, the agency has become more receptive to crypto. This ‘favor’ could affect 21Shares’ Dogecoin ETF filing.
Market Momentum Shifts in Favor of DOGE Price
DOGE price has surged 6.29% in the past 24 hours to $0.2404, following the US SEC’s acknowledgement of 21Shares’ spot Dogecoin ETF filing.
The rally came despite volatility recorded earlier in trading hours. However, the coin has erased all short-term and long-term losses, with its 7-day price gaining 42.19%.
The price increase is in line with Rekt Capital’s recent analysis on the future of the canine-themed memecoin.
According to an earlier $DOGE price analysis, Rekt Capital noted that the coin could reach $0.27 as it finds support at the $0.22 price level during the ongoing bullish reversal in the market.
In addition to the Dogecoin ETF push, other asset management firms are awaiting relevant acknowledgement from market regulators on their ETF applications.
Bitwise filed with the US SEC about a week ago to list the near-space ETF.
With the current trend that has seen other top altcoins like Binance Coin, XRP, and Cardano jostling for ETF listings, market analysts have highlighted the high potential of listing these alternative products.
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