Dogecoin (DOGE) continues to attract attention with support from Elon Musk and significant purchases by whale investors. As expectations for a spot ETF rise, the potential for approval could accelerate following leadership changes at the SEC and the return of Donald Trump to the presidency.

Dogecoin ETF: Is It Coming Soon?

The cryptocurrency market has made significant strides in closing the gap with traditional finance. Altcoin projects are being widely accepted as institutional interest grows. In the United States, cryptocurrency-friendly political leaders have shown strong support, and spot ETF applications for Solana, XRP, and Litecoin are pushing the market towards broader adoption.

While Dogecoin has yet to see a spot ETF application, Bloomberg ETF analyst Eric Balchunas believes the landscape could change significantly. He suggests that a Trump presidency combined with Paul Atkins at the helm of the SEC could greatly increase the likelihood of Dogecoin's spot ETF approval.

Whale Activity Strengthens Dogecoin's Position

According to Santiment's data, whale investors have seized the opportunity during the recent market downturn, purchasing over $77 million in Dogecoin. These large investors currently hold 10.7 billion DOGE, accounting for about 1% of the total circulating supply. Wallets containing between 1 and 10 million DOGE are driving this accumulation.

Technically, the price of Dogecoin has entered a correction phase, testing the Fibonacci support level of 0.5. On the weekly chart, the Relative Strength Index (RSI) has surpassed 85% for the first time since mid-2021, signaling the potential for a move towards the all-time high (ATH).

Market Outlook

The current situation of the broader cryptocurrency market, along with the possibility of spot ETF approval, could play a crucial role in determining the future performance of Dogecoin and other altcoins. Interest from institutional investors continues to rise, setting the stage for a transformative period in cryptocurrency adoption.

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