Grayscale files Dogecoin ETF with the SEC
Grayscale keeps up the pressure. Just one day after the SEC pushed back on its decision for the 21Shares Dogecoin ETF, the asset manager itself filed an S-1 for a spot DOGE ETF.
Grayscale keeps up the pressure. Just one day after the SEC pushed back on its decision for the 21Shares Dogecoin ETF, the asset manager itself filed an S-1 for a spot DOGE ETF. This move shows institutional interest in the memecoin is growing, but DOGE's price is still barely reacting.
Since the start of this year, DOGE has been trading in a range between $0.15 and $0.25. Despite rising ETF speculation, a convincing breakout remains elusive. The market hardly prices in the potential ETF approval, which is notable as not only Grayscale but also Bitwise and REX Osprey DOGE products are in the works.
Other altcoins clearly benefited from ETF rumors, but Dogecoin has lagged. Since its 2021 hype peak above $0.70, DOGE is now more than 69% lower. That contrast underscores how cautious investors are right now.
On top of that, competition is heating up. Besides Dogecoin, there are now ETF filings for other memecoins like TRUMP, BONK, and Pudgy Penguins. While the SEC has shown a more open stance toward crypto, decisions remain slow and cautious.
An approved Dogecoin ETF could attract significant capital inflows to the memecoin market. The success of the Bitcoin ETF, still the most successful index fund launch in exchange history, shows the potential.
