Grayscale's DOGE ETF Proposal to SEC Gives Bullish Sentiment: $1 Price Target?

Bittime - The digital asset industry has been shocked again by the news that Grayscale has filed Proposal ETF DOGE to the SEC. This move is a strong signal that Dogecoin is now receiving increasing attention from institutional investors. 

If this DOGE ETF gets approval, many analysts predict that the price of DOGE could rise significantly, even towards the psychological mark of $1.

This filing is not the first to occur in the world of digital assets. Previously, a Bitcoin ETF was approved and had a major impact on the price of BTC. Now, with the entry of Dogecoin into the ETF race, the opportunity for price increases is increasingly wide open.

Also read: Dogecoin Price Prediction Today February 2

DOGE ETF: Big Step for Dogecoin?

Proposal ETF DOGE proposed by Grayscale aims to provide easier access for institutional investors into the Dogecoin market. If approved, this ETF will allow DOGE trading on major stock exchanges, opening up opportunities for more investors to participate.

Some analysts believe that this move could be a turning point for Dogecoin. With more institutional funds coming in, demand for DOGE could increase drastically. In addition, the DOGE ETF can also provide further legitimacy to Dogecoin as a legitimate investment asset in the eyes of regulators.

Dogecoin's Potential Towards $1

onAt the moment, Dogecoin is trading around $0.32. However, some analysts see that with the DOGE ETF, prices could experience a significant spike. MACD Golden Cross and the ascending triangle pattern formed on the price chart is an indicator that DOGE is in a bullish trend.

A renowned crypto analyst, Trader Tardigrade, estimates that DOGE has the potential to achieve price $3.8 in a maximally bullish scenario. However, a more realistic short-term target is $1, especially if the DOG ETF proposalE gets approval from the SEC in the near future.

Also read: US Dollar to Rupiah Exchange Rate Drops on Google: BI Site Could Not Be Accessed

Institutional Investor Interest Increases

One strong indicator that Dogecoin is ready to rally is the increasing accumulation activity by large investors (crypto whales). Dalam last week, more than 560 million DOGE has been aggregated by institutional investors, indicating that there is huge interest in this asset.

Apart from that, some analysts also see a similar pattern with tofun previously, where Dogecoin experienced a significant price spike in February. If this trend continues, then there is a possibility that DOGE could reach $1 sooner than expected.

Conclusion

Proposal ETF DOGE from Grayscale became an important momentum for Dogecoin. If approved by the SEC, DOGE could experience a significant price spike due to the influx of institutional funds. With a combination of technical factors and increasing investor interest, a $1 price target is not out of the question for Dogecoin soon.

Now, investors and the DOGE community are waiting for the SEC's decision. Will the DOGE ETF get the green light? If yes, then Dogecoin could become one of the best performing digital assets in 2025.

FAQ

What is the DOGE ETF Proposal?

The DOGE ETF proposal is a Dogecoin-based Exchange-Traded Fund (ETF) filing filed with the SEC by companies such as Grayscale, Bitwise, and REX Shares to allow trading of DOGE in a more accessible form of asset for institutional investors.

Why is the DOGE ETF Proposal Important?

The approval of a DOGE ETF could increase Dogecoin adoption by institutional investors, increase liquidity, and potentially push DOGE prices to higher levels.

When Will the DOGE ETF Proposal Be Approved?

There is no exact date yet, but market predictions suggest there is a high probability that a DOGE ETF will receive approval in 2025, depending on the SEC's decision.

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Reference

financemagnates.com, Why Dogecoin Is Up: Grayscale New DOGE Trust Boosts Price, accessed February 2, 2025.

hpbl.co.in, Grayscale Dogecoin ETF Filing Sparks Bullish Sentiment: Will DOGE Reach $1 in February?, accessed February 2, 2025.

Author: AWW