Dogecoin (DOGE)
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, the largest meme coin by market cap, has experienced the same downturn as the rest. After rallying from August lows to reach a high of $0.48 in December, DOGE has since fallen below key support levels, breaking its uptrend line.
Will the proposed DOGE ETF drive the price to a new all-time high if it gets approved?
The Potential Impact of a Spot Dogecoin ETF
JUST IN:
Bitwise files for spot Dogecoin $DOGE ETF.
— Watcher.Guru (@WatcherGuru) January 28, 2025
Bitwise’s filing for a spot DOGE ETF is a landmark moment for Dogecoin and meme coins in general. While Bitcoin’s spot ETF approvals in early 2024 legitimized cryptocurrency as an investable asset class, a DOGE ETF would push meme coins further into mainstream finance.
A spot Dogecoin ETF would allow traditional investors to gain exposure to DOGE without dealing with crypto exchanges, wallets, or private keys. This opens the doors for hedge funds, pension funds, and retail investors who prefer regulated investment vehicles.
More institutional money flowing into DOGE could stabilize DOGE price and reduce volatility over time – while firmly cementing its top spot in the meme coin market.
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DOGE Price Analysis: Can Dogecoin ETF Fuel Breakout Move?
(DOGEUSDT)
Dogecoin’s recent price action suggests it’s at a critical point. After breaking below its short-term uptrend line, DOGE is consolidating near the $0.33 level, with support around $0.26 and resistance at $0.38.
A strong move above the current downtrend line could signal the start of another rally, especially if accompanied by higher trading volumes.
External catalysts, such as renewed hype or potential ETF approval, may decide whether DOGE can break resistance and continue its upward momentum.
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For now, traders should watch key support levels and the downtrend line to gauge the next move. A breakout above $0.38 could pave the way for another leg up, while a drop below $0.26 would likely confirm further downside.
Historically, asset prices tend to rise when ETFs are approved due to their increased demand. Bitcoin surged to an all-time high after its spot ETF approvals, and Ethereum is now experiencing similar anticipation, although not as dramatic as the former.
If DOGE price follows this pattern, a breakout could occur, potentially pushing it toward the coveted $1 mark in the long term.
#Dogecoin is about to complete the pattern in Cycle 3
This pattern could propel $DOGE to an impressive targetpic.twitter.com/SmliWL2Mje
— Trader Tardigrade (@TATrader_Alan) January 29, 2025
Despite its meme origins, Dogecoin has steadily gained real-world adoption, particularly for small transactions and tipping. Elon Musk’s X (formerly Twitter) payment integration rumors and Tesla’s continued support for DOGE as a payment option have kept the asset relevant.
If a spot ETF legitimizes DOGE further, more businesses might consider adopting it as a payment method, enhancing its utility.
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The post Dogecoin’s Future: Will an ETF Approval Fuel a Price Recovery For DOGE? appeared first on 99Bitcoins.
