- SEC just approved the first-ever Dogecoin ETF.
- Analysts hope this will fuel DOGE price to the $1 bull target.
- Some expect DOGE to hit even higher ATH prices of $10 and $20 in altseason.
The SEC just approved the first-ever Dogecoin ETF. This is a huge milestone for the crypto community, as DOGE is seen as the ultimate community token, beloved by all. It is also the token that Elon Musk is the most fond of. The fact that the SEC has approved the first-ever Dogecoin ETF has marked how far the token has come from being a joke memecoin to becoming a token that unites the crypto community.
SEC Just Accepted the First-Ever Dogecoin ETF
This bull cycle has been a very exciting one for the crypto community. A huge part has to do with the fact that ETFs have become a standard part of the crypto market. To highlight, it is this bull cycle that filed and got Bitcoin and Ethereum ETFs approved. In a short time, a variety of reputed financial institutions started to buy and hold a ridiculous amount of BTC and ETH, that exchange supply began to dwindle.
Even now, these entities like BlackRock, Fidelity, VanEck, and more continue to stockpile both BTC and ETH to this day. With supply dwindling, there is a mad rush to secure as much of both these pioneer crypto and altcoin assets as possible to meet the growing demand, a demand that will certainly only grow stronger as supply vanishes, leading to explosive BTC and ETH prices in the days ahead.
While ETH and BTC accumulation rises, analysts now expect the same to play out for highly potential and promising altcoins as well. This is because a demand for other altcoin ETFs to make their debut has taken the market by storm. Presently, SOL, ADA, DOGE, NEAR, LTC, XRP, and several other popular altcoins are being considered for ETFs. In fact, some like ADA and XRP are very close to getting their approval.
Once these assets are approved, their prices are set to explode, and with altseason peak stepping closer, the price pump for these altcoins could be exponential. As we can see from the post above, the SEC just approved the first-ever Dogecoin ETF. This is a huge milestone for DOGE and the crypto community as a whole. To see an asset with no real utility be an official ETF makes a huge statement about the value of crypto.
Will DOGE Price Finally Break Past $1 This Cycle?
While DOGE may not hold actual utility, it is seen as a community token, used to make small payments and crowd-fund several noble feats. In its early days, DOGE funded winter olympic athletes and brought water to arid locations. It is also Elon Musk’s favorite token, and it no longer holds memecoin status, like SHIB. With this DOGE ETF approval, perhaps the price of DOGE could finally break past the $1 ATH price target. Some even expect DOGE to go to $10 and $20 this bull cycle.
