Dogecoin Spot ETF Filings Under Trump Presidency Soon, Says Bloomberg Analyst
Qadir AK23 Dec 20242 min read
Cryptocurrency has reached new heights, outpacing traditional finance in innovation and adoption. Recently, altcoins have seen a surge in popularity, driven by growing support from crypto-friendly U.S. leaders. This shift is reshaping how institutional investors view digital assets, fueling optimism across the market.
More investment fund managers are filing for spot altcoin ETFs with the U.S. Securities and Exchange Commission (SEC). Applications now include altcoins like Solana, XRP, and Litecoin. With the ongoing crypto bull market, the trend suggests that even more funds could flow into the Web3 ecosystem soon.
Read on to discover why altcoins like Dogecoin could be primed for even bigger moves in the coming months.
Will a Spot Dogecoin ETF Become Reality?
Dogecoin (DOGE) remains the top player in the memecoin space, thanks to Elon Musk’s unwavering support. Built on a secure proof-of-work consensus mechanism, the Dogecoin network now has over 5.9 million on-chain holders, highlighting its strong community backing.
Despite Dogecoin’s popularity, no fund manager has yet filed for a spot Dogecoin ETF with the SEC. Bloomberg senior ETF analyst Eric Balchunas believes this could change if U.S. President-elect Donald Trump takes office.
Balchunas predicts that Trump’s administration, alongside the possible appointment of Paul Atkins as SEC Chair, could increase the chances of crypto ETFs, including one for Dogecoin.
“If I’m Vegas my favorite on reserver of $DOGE ticker is Venuto. That said Tuttle is my fav to file for the ETF,”
Whales on a Buying Spree
On-chain data from Santiment shows that crypto whales recently purchased 250 million DOGE, worth over $77 million, during a market dip. This brought the holdings of Dogecoin whales—those with 1 million to 10 million units—to over 10.7 billion DOGE, representing nearly 1% of the total circulating supply.
Midterm Targets to Watch
Dogecoin’s price has been in a mid-term correction after significant gains over the past two months. The memecoin, with a market valuation of about $47 billion and an average daily trading volume of $5 billion, is currently testing support near the 0.5 Fibonacci retracement level. Analysts believe this support could trigger a major rebound.
On a weekly chart, Dogecoin is showing signs of aiming for a new all-time high. The Relative Strength Index (RSI) recently climbed above 85% for the first time since mid-2021, signaling strong bullish momentum.
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With whales accumulating and market dynamics shifting, Dogecoin’s future looks ready for a bold chapter.
