The unprecedented victory of the cryptocurrency industry over the traditional financial sector has fueled the mainstream adoption of altcoin projects in the recent past. The overwhelming support of crypto-friendly US leaders has changed the entire perspective of digital assets, especially by institutional investors during the past few weeks.
Furthermore, more investment fund managers have filed for spot altcoins ETF including Solana, XRP, and Litecoin, among others with the US Securities and Exchange Commission (SEC). With the ongoing macro crypto bull market, more funds are expected to follow into the web3 industry ahead.
When Dogecoin Spot ETF?
Dogecoin (DOGE) has remained a leader in the memecoin industry, majorly due to the unwavering support from tech billionaire Elon Musk. The Dogecoin network, which is secured by the legendary proof-of-work consensus mechanism, takes pride in more than 5.9 million on-chain holders.
However, none of the pro-crypto investment fund managers have filed for a spot Dogecoin ETF with the US SEC to date. According to Eric Balchunas, a senior ETF analyst at Bloomberg, the inauguration of U.S. president-elect Donald Trump will set the precedent for investment fund managers to file for spot Dogecoin ETF.
Moreover, the entrance of Paul Atkins as the US SEC chair will significantly improve the chances of crypto ETF approvals.
“If I’m Vegas my favorite on reserver of $DOGE ticker is Venuto. That said Tuttle is my fav to file for the ETF,” Balchunas noted.
Whales on a Buying Spree
According to on-chain data analysis provided by Santiment, crypto whales purchased 250 million Dogecoins, worth more than $77 million, during the recent market dip.
As a result, Dogecoin whales with a balance of between 1 million and 10 million units now hold more than 10.7 billion DOGE units, which is nearly 1 percent of the total circulating supply.
Midterm Targets
Dogecoin price has been trapped in a midterm correction phase after registering palpable gains in the past two months. The large-cap memecoin, with a fully diluted valuation of about $47 billion and a daily average traded volume of around $5 billion, is currently retesting the support level around the 0.5 daily Fibonacci Retracement, which could yield a major rebound soon.
In the weekly time frame, DOGE price is aiming for an all-time high after the Relative Strength Index (RSI) rallied above the 85 percent level for the first time since mid-2021.
