Dogecoin (DOGE) continues to capture attention with support from Elon Musk and significant purchases by whale investors. As spot ETF expectations rise, the potential for approval could gain momentum under changes in leadership at the SEC and the return of Donald Trump to the presidency.
Dogecoin ETF: Is It on the Horizon?
The cryptocurrency market has made significant strides in bridging the gap with traditional finance. Altcoin projects are gaining mainstream acceptance as institutional interest grows. In the U.S., crypto-friendly political leaders have shown strong support, and spot ETF applications for Solana, XRP, and Litecoin are propelling the market toward wider adoption.
While Dogecoin has yet to see a spot ETF application, Bloomberg ETF analyst Eric Balchunas believes the landscape could shift dramatically. He suggests that a Trump presidency combined with Paul Atkins heading the SEC might significantly increase the likelihood of Dogecoin spot ETF approval.
Whale Activity Bolsters Dogecoin’s Position
According to Santiment data, whale investors seized the opportunity during the recent market dip, purchasing over $77 million worth of Dogecoin. These large investors now hold 10.7 billion DOGE, representing about 1% of the total circulating supply. Wallets containing between 1 and 10 million DOGE are driving this accumulation.
Technically, Dogecoin’s price has entered a correction phase, testing the 0.5 Fibonacci support level. On the weekly chart, the Relative Strength Index (RSI) has surpassed 85% for the first time since mid-2021, signaling a potential move toward an all-time high (ATH).
The Market’s Outlook
The broader cryptocurrency market’s current state, coupled with potential spot ETF approvals, could play a crucial role in determining the future performance of Dogecoin and other altcoins. The interest from institutional investors continues to grow, setting the stage for a transformative phase in crypto adoption.
As reported by Turkish NY Radio, the developments surrounding Dogecoin reflect its resilience and growing institutional appeal. With favorable regulatory conditions, Dogecoin’s future could be brighter than ever.
