The cryptocurrency industry has been gaining significant traction, surpassing the traditional financial sector in unprecedented ways. This growth has led to a surge in the mainstream adoption of altcoin projects, particularly in recent months. The support from crypto-friendly leaders in the United States has notably shifted the perspective on digital assets, drawing the attention of institutional investors.
Increased Interest in Altcoin ETFs
Investment fund managers have been actively filing for spot altcoin ETFs with the US Securities and Exchange Commission (SEC). Among the cryptocurrencies gaining attention are Solana, XRP, and Litecoin. As the macro crypto bull market continues, it is expected that more funds will be directed toward the burgeoning web3 industry, signaling a transformative shift in investment strategies.
Anticipating the Dogecoin Spot ETF
Dogecoin (DOGE), a prominent player in the memecoin sector, owes much of its popularity to tech billionaire Elon Musk’s support. With a robust proof-of-work consensus mechanism, the Dogecoin network boasts over 5.9 million on-chain holders. Despite this, no investment fund managers have yet filed for a spot Dogecoin ETF with the US SEC.
Industry analysts, such as Eric Balchunas from Bloomberg, predict that the inauguration of U.S. president-elect Donald Trump could pave the way for such filings. Furthermore, the appointment of Paul Atkins as the US SEC chair could potentially enhance the approval prospects for crypto ETFs. Balchunas speculates that Venuto might secure the $DOGE ticker, though he favors Tuttle for filing the ETF.
Whale Accumulation: A Sign of Confidence
On-chain data from Santiment reveals that crypto whales have been actively purchasing Dogecoins, acquiring 250 million DOGE, valued at over $77 million, during a recent market dip. This activity has led to Dogecoin whales, holding between 1 million and 10 million units, amassing over 10.7 billion DOGE units, accounting for nearly 1 percent of the total circulating supply.
Dogecoin’s Midterm Price Targets
Currently, Dogecoin’s price is navigating a midterm correction phase following notable gains in the past two months. With a market cap of approximately $47 billion and a daily trading volume averaging around $5 billion, DOGE is testing the support level at the 0.5 daily Fibonacci Retracement. This level could potentially trigger a significant price rebound.
On a weekly scale, Dogecoin is targeting a new all-time high. The Relative Strength Index (RSI) has surged above the 85 percent mark for the first time since mid-2021, indicating strong bullish momentum that could propel DOGE to unprecedented price levels.
