The approval of the DOGE Exchange Traded Fund (ETF) could have a significant impact on the price of Dogecoin, pushing it to new heights. Given the market response to Bitcoin ETFs thus far, an approved Dogecoin ETF is likely to attract significant institutional investment and increase market liquidity. This surge in demand could push Dogecoin’s price significantly above current levels, making the $1 mark a more realistic target for investors.
DOGE price is down 5.7% today and is trading at $0.1368 after Bitcoin lost support at $67,000. The cryptocurrency market has fallen 2.1% and is hovering around $2.4 trillion.
How high could Dogecoin price rise with DOGE ETF approval?
If the Dogecoin (DOGE) ETF is approved, it could have a positive impact on the price of DOGE as the ETF is considered to be less risky compared to regular crypto assets and stocks. Traditional investors who want exposure to Dogecoin without being bothered by market volatility will choose to invest in the DOGE ETF. This will likely lead to a price explosion and could push DOGE to new all-time highs.
However, to better understand DOGE price performance, it would be wise to investigate two existing crypto ETFs: Spot Bitcoin ETF and Spot Ethereum ETF.
When these two were approved on January 10 and July 23, respectively, it was touted news even though most people had bought the buzz leading up to the approval. While Bitcoin has since regained momentum and hit new highs over the next two months, Ethereum has consistently fallen since the ETF began trading.
If the ETF is approved, Dogecoin’s price could move like either of these two assets. However, since DOGE is in its own niche (meme coins), its impact could be exponential as this niche is known to explode with gains of thousands of percent. There is. In contrast, utility coins only rise by a few hundred percent.
Doge price if Dogecoin ETF is approved?
Dogecoin price is currently the 9th largest crypto asset by market capitalization, with trading volume of $1.5 billion. This currently represents 5.11% of Bitcoin’s total daily trading volume ($30 billion), according to CoinGecko data.
5.11% of the total value of the Bitcoin ETF ($21.15 billion) is equivalent to approximately $1.08 billion. Considering the current price and market cap, it would take about $200 million worth of trading volume to push Dogecoin’s price up just 1%.
Therefore, this DOGE price prediction shows that if Memecoin utilizes 5.11% of the BTC ETF’s trading volume (as it already does with regular spot trading volume and derivatives trading volume), then at least 440% after the ETF’s approval. It shows that the price will rise and its price will fluctuate. 0.7371 USD, slightly higher than the previous high.
Dogecoin price analysis chart
The performance of BTC and ETH after ETF approval suggests that a potential DOGE ETF could go in either direction. However, unlike Ethereum, Dogecoin has a passionate and dedicated community that has been around for years.
Adding to the hype and support from the richest man on the planet, Elon Musk, and a potential Department of Government Efficiency (DOGE) agency, Dogecoin price could rise above $0.7371 and well above $1. . With the current circulating supply of $146 billion, DOGE’s market capitalization would balloon to $146 billion, making it the third largest crypto asset in the world.
Frequently asked questions (FAQ)
If Dogecoin captures 5.11% of Bitcoin ETF volume (a figure similar to Bitcoin’s current share of daily trading volume), Dogecoin could rise to $0.7371, pushing the price around 440% There is a possibility that it will rise.
The DOGE ETF could drive prices up significantly as it opens up Dogecoin to a wider range of traditional investors who may avoid buying cryptocurrencies directly due to volatility.
Yes, it is possible. With continued support from influencers like Elon Musk and strong community support, Dogecoin could soar above $0.7371 and even reach over $1.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrencies, and the video game industry. His extensive experience includes working with a variety of startups to provide insightful, high-quality analysis that resonates with target audiences. As an avid crypto trader and investor, Evans is passionate about blockchain’s transformative potential across a variety of sectors. Outside of his professional work, he enjoys playing video games and exploring beautiful waterfalls.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
