Dogecoin ETF Trigger Rally and Brings Shiba Inu On Board – Meme Coin Season About to Start?

Dogecoin (DOGE) has gone up by 2.3% in the past 24 hours as industry experts confirmed that the first exchange-traded fund linked to this meme coin will hit the trading floor in the United States on Thursday.

After multiple delays, Bloomberg’s ETF expert, Eric Balchunas, said that the REX-Osprey Dogecoin ETF (DOJE) will be listed alongside the first-ever XRP spot ETF (XRPR).

Eric Balchunas Official X Account – Source: X.com

The market has been excited about these ETF launches as they have brought billions in liquidity to the market already. Bitcoin and Ethereum-linked products paved the way for this new era and it is now the turn for meme coins it appears.

Shiba Inu (SHIB), the second-in-command token of this space, has not been picked by any asset management firm yet for an ETF listing but could be next in line depending on how successful DOJE is.

The latest altcoin fund launched, the Solana + Staking ETF (SSK) by REX-Osprey, has already attracted $270 million from investors just weeks after its listing while the Ultra XRP ETF (UXRP) from ProShares currently holds assets exceeding $300 million.

This is a new era for meme coins that will raise the public’s awareness about these peculiar digital assets. Whether that’s good or not will depend on how regulators tackle the inherent risks that come with investing in financial assets that have no practical use case.

In the meantime, Dogecoin (DOGE) remains the undisputed king of this category with a market cap that is nearly 6 times higher than that of Shiba Inu at $40 billion.

Let’s have a look at their latest price action to see where they could be heading ahead of DOJE’s listing and this week’s planned interest rate cut by the Federal Reserve.

DOGE Retests Former Resistance from Above

DOGE is at a critical juncture at this moment as the token has hit a former area of resistance from above after breaking out recently.

DOGE/USD Daily Chart (Coinbase) – Source: TradingView

The $0.27 level was key for DOGE for weeks and the token retreated multiple times after touching that zone. These retests can be powerful as they can confirm a bullish outlook if former sellers now turn into buyers once the price hits this zone.

Trading volumes are already above the average as DOGE hits this mark. If we get a strong bounce right after, we could expect that the token will resume its upward trajectory in the next few days, possibly toward the nearest resistance at $0.46.

This move would be partially fueled by DOJE’s listing and could be aided by dovish comments from the head of the Federal Reserve, Chairman Jerome Powell, during tomorrow’s post-FOMC speech.

Shiba Inu Trend Line Resistance Holds

Shiba Inu (SHIB) has retreated after hitting a key trend line resistance that has now been confirmed after a third touch.

SHIB/USD Daily Chart (Coinbase) – Source: TradingView

This is the key level to watch for the next few days if we get a bounce from the nearest area of support at $0.000012.

The lack of interest from institutional investors and asset management firms on SHIB could be a burden during this cycle as other less-known (and less valuable) tokens like Pudgy Penguins (PENGU) have already been targeted by firms to get their own ETFs.

Nevertheless, the Relative Strength Index (RSI) shows that positive momentum is picking up steam. If we get a breakout above $0.00001500 that could set off a strong rally toward $0.00001750 in the near term.

Meme coin season could begin but not every token will perform the same. Those who manage to capture Wall Street’s attention may do better, so pick your candidates wisely.