Implied launch of Dogecoin spot ETF during Trump's term

When will the Dogecoin spot ETF be launched?

Dogecoin (DOGE) has always held a leading position in the meme coin space, largely thanks to the strong endorsement of tech billionaire Elon Musk. The Dogecoin network is secured by a legendary proof-of-work consensus mechanism, and the number of on-chain holders has exceeded 5.9 million.

However, as of now, no investment fund manager supporting cryptocurrency has submitted an application for a spot Dogecoin ETF to the U.S. Securities and Exchange Commission. According to Bloomberg's senior ETF analyst Eric Balchunas, the inauguration of U.S. President Donald Trump will create a precedent for investment fund managers to submit applications for a spot Dogecoin ETF.

Additionally, if Paul Atkins becomes the chairman of the SEC, it will significantly increase the likelihood of crypto ETFs being approved.

"If I were in Las Vegas, my favorite Dogecoin-related investment would be Venuto. That is to say, Tuttle is the ETF I believe is most likely to submit an application."

Whales are buying frantically

According to on-chain data provided by Santiment, it can be analyzed that during the recent market downturn, giants in the cryptocurrency space purchased up to 250 million Dogecoin, worth over 77 million dollars.

As a result, those whales holding between 1 million to 10 million units of Dogecoin now own over 10.7 billion DOGE units, which accounts for nearly 1% of Dogecoin's total circulating supply.

Medium-term target

After a significant rise in price over the past two months, Dogecoin has entered a phase of medium-term adjustment. This meme coin with a large market capitalization has a fully diluted valuation of about 47 billion dollars, with an average daily trading volume of around 5 billion dollars. It is currently retesting the support area near the 0.5 Fibonacci retracement level and is likely to see a significant rebound in the short term.

From a weekly time frame perspective, Dogecoin's price is expected to challenge historical highs after the relative strength index (RSI) broke above 85% for the first time since mid-2021.

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