First US Dogecoin ETF Launches Thursday as DOGE Breaks $0.24 Resistance
This Thursday, the first-ever Dogecoin exchange-traded fund will open in the United States. This is a big deal for the cryptocurrency market
Quick overview
- The first-ever Dogecoin exchange-traded fund, the Rex-Osprey Doge ETF, will launch in the U.S. this Thursday, marking a significant milestone for the cryptocurrency market.
- Dogecoin's price has risen to approximately $0.24, showing a 13% increase over the past week, as investor confidence grows ahead of the ETF debut.
- The ETF will be governed by the Investment Company Act of 1940, allowing institutional investors to access Dogecoin without directly owning it.
- Analysts predict ambitious price targets for Dogecoin, with projections suggesting it could reach $1.73 by 2026, contingent on market conditions and investor interest.
This Thursday, the first-ever Dogecoin exchange-traded fund will open in the United States. This is a big deal for the cryptocurrency market. The Rex-Osprey Doge ETF (DOJE) will be the first memecoin ETF, which is a big step forward for regulated crypto goods after Bitcoin and Ethereum funds did so well in 2024.
Dogecoin DOGE/USD is currently trading at about $0.24. It has gone up more than 1.3% in the last 24 hours and almost 13% in the last week, showing that investors are more confident ahead of the ETF debut. This price movement has pushed DOGE over important resistance levels that had kept the token between $0.20 and $0.21 for much of September.
DOGE/USD Technical Analysis Points to Bullish Momentum
From a technical point of view, Dogecoin’s recent rise above the $0.23 resistance level could mean that the market is changing its mind. The 13% weekly gain is the best DOGE has done in a while, and trading volume has gone up a lot as institutional investors get more interested.
The memecoin’s market valuation is now $36 billion, which makes it the original and most well-known token in the meme cryptocurrency space. This large market cap gives institutional products like ETFs a base of liquidity that makes them more appealing and useful to fund managers.
Key technical indications show that DOGE is entering a period of consolidation above $0.24. If the ETF launch gets a lot of investors interested, there is a chance for more upside. The coin has successfully moved out of its previous trading range, which means that the $0.20-$0.21 resistance zone may now act as support.
Regulatory Breakthrough Under Investment Company Act
The Rex-Osprey Dogecoin ETF will be governed by the Investment Company Act of 1940, which is distinct from how most commodity-based crypto ETFs are regulated. Eric Balchunas, an analyst with Bloomberg ETFs, said that this is “the first-ever US ETF to hold something that has no utility or purpose.” This shows how risky it is to invest in memecoins.
This legislative framework lets the fund give institutional investors access to Dogecoin through investments in a Cayman Islands subsidiary. This way, institutional investors can invest in the popular memecoin without having to own the cryptocurrency themselves.
The SEC’s clearance comes at a time when the Trump administration is changing how digital assets are regulated. There are presently about 100 crypto ETF proposals in the works that cover assets like Solana and XRP.
Dogecoin Price Predictions Signal Ambitious Targets
Telegaon, a well-known cryptocurrency analysis company, has made a bold price projection for Dogecoin, saying the token may reach $1.73 by 2026. This goal would mean a 620% rise from where things are now, and DOGE would have to beat its previous all-time high of $0.73 from May 2021.
The projection is similar to Dogecoin’s huge rise of 29,000% between 2020 and 2021, when Elon Musk’s support and coverage in the mainstream media made the token famous around the world. But analysts say that such huge profits would need more than just the present ETF launch to happen.
More cautious technical analysis says that DOGE’s next obvious aim would be to break through and stay above $0.25. This might lead to the psychologically crucial $0.30 level.
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