Dogecoin Gets First Meme Coin ETF Approved – DOGE About to 2x?

Times have surely changed and possibly much faster than one expected as the Securities and Exchange (SEC) gave the green light to the first meme coin exchange-traded fund (ETF) to hit the U.S. stock market.

Dogecoin (DOGE) will be the first cryptocurrency in this category to get its own ETF with the help of REX-Osprey – an asset management firm that recently launched the first Solana spot ETF with an added staking feature.

Eric Balchunas Official X Account – Source: X.com

Bloomberg’s ETF expert, Eric Balchunas, shared on X that this new DOGE ETF should hit the trading floor on Thursday. This could be the first salvo of a new era where zero-utility assets will get listed on public exchanges.

Under the ticker symbol $DOJE, this investment vehicle will provide direct exposure to the top meme coin at a point when its yearly performance has been overshadowed by the overnight successes of newer tokens like Pudgy Penguins (PENGU) and Fartcoin (FARTCOIN).

DOGE Exhibits Signs of Accumulation Ahead of ETF Approval

Since the year started. DOGE has booked a 24% loss while top altcoins like Ethereum (ETH) and BNB Coin (BNB) have surged to new all-time highs. Despite this lackluster performance, this token continues to be the undisputed leader of its category with a market cap of $36.2 billion.

Its closest rival is Shiba Inu (SHIB), whose market cap is just a fifth of the former.

Trading volumes in the past 24 hours have increased by 24% despite a mild 0.7% advance in the price. At $4.3 billion, these volumes account for 12% of the token’s circulating supply, indicating that market activity has been quite high lately.

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

DOGE is approaching a key area of supply at $0.25 from which the price has retreated multiple times in the past.

The token has been unable to move past the $0.28 area during this cycle but this ETF announcement could provide the gasoline it needs to break this ceiling.

DOGE has found strong support at the 200-day exponential moving average (EMA) for nearly two weeks. This is consistent with a pattern of accumulation and could be evidence that market participants are positioning for a bullish move.

Meanwhile, the Relative Strength Index (RSI) has finally moved above the 14-day moving average with some above-average volumes. This is a confirmed buy signal that may be followed by a strong spike in the price.

Dogecoin Could Rise to $0.45 If Positive Momentum Accelerates

If DOGE rises to $0.30 after the ETF is listed, we could expect a retest of the $0.28 level from above, followed by an explosive surge to $0.45 or higher. A DOGE-linked ETF will give investors the chance to get exposure to meme coins through regulated trading accounts.

Paired with the White House’s initiative to allow 401(k) holders to invest in cryptocurrencies, this could set the stage for an increase in retail demand for the world’s most valuable asset in this segment.

Times are definitely changing and DOGE is about to make history this week as cryptos continue to take over Wall Street.