đĽ Dogecoin price stalls as #DOGE ETF approval odds fall
Dogecoin price remained in a tight range this week as Polymarket odds for a potential DOGE ETF declined.
Dogecoin (DOGE), the largest meme coin, rose by about 6% on Dec. 2, bringing its seven-day gains to 7.5%. However, the momentum may reverse as a Polymarket poll shows that the odds of the Securities and Exchange Commission approving a spot DOGE ETF this year dropped to 26%, down from a high of 50% last week.
In contrast, Polymarket users expect that the SEC will approve a Solana (SOL) ETF later this year, with odds being at 76%. The odds of a Ripple (XRP) ETF are at 70%.
The weaker odds for a DOGE ETF likely stem from the absence of an application by any financial services company. In contrast, WisdomTree, a $100 billion asset manager, has filed for a Ripple ETF. Additionally, the SEC has a Jan. 31 deadline to approve or reject Solana ETFs proposed by companies like Grayscale, 21Shares, and VanEck.
Still, there is a possibility that one or more companies will file for a Dogecoin ETF if the SEC, under Paul Atkins, shows flexibility on crypto funds. Such an ETF could see approval more easily, as Dogecoin is a proof-of-work cryptocurrency similar to Bitcoin.
DOGE also holds a significant position in the crypto industry, with a market cap of $50 billionâapproximately $16 billion lower than MicroStrategyâs. MicroStrategy has multiple leveraged and covered call ETFs.
#Dogecoin price analysis
The daily chart shows that DOGE bottomed at $0.2635 in December and has since recovered to $0.3382. It has moved toward the 50-day moving average, while the Relative Strength Index is attempting to break above the descending trendline.
The Percentage Price Oscillator has formed a bullish crossover. Additionally, the accumulation and distribution indicator remains elevated, suggesting that investors are gradually accumulating DOGE.