$DOGE Dogecoin ETF application, expected to break the $2 barrier, the bears may feel disheartened.

According to news on December 24, 2024, no investment managers have yet submitted applications for a Dogecoin ETF to Wall Street investors. However, there are opinions suggesting that the likelihood of a Dogecoin ETF being approved in the coming months is very high.

Reasons supporting the approval of the Dogecoin ETF are as follows:

• Significant celebrity effect: As the number one meme coin in the cryptocurrency field, Dogecoin is strongly supported by Elon Musk. His related statements and actions often trigger price fluctuations in Dogecoin. If an ETF is launched, it may attract more attention and investment.

• Strong market influence: As the oldest meme coin, Dogecoin occupies an important position in the cryptocurrency market, with a considerable market capitalization and millions of supporters and investors. It has the potential to become a mainstream financial asset, and the launch of an ETF would provide investors with a more convenient investment channel.

• Aligns with industry development trends: Since the launch of the Bitcoin ETF in January 2024, the cryptocurrency industry has been developing rapidly. The market expects the emergence of popular altcoin-related ETFs to help push the total market capitalization of cryptocurrencies beyond the $4 trillion mark. The launch of a Dogecoin ETF aligns with this trend.

• Favorable policy environment: Predictions suggest that with the new U.S. government taking office, its supportive stance towards cryptocurrencies will create a more favorable environment for cryptocurrency ETFs, increasing the likelihood of Dogecoin ETF approval.

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