How High Could Dogecoin Price Go If A DOGE ETF Is Approved?

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed the transformative power of Exchange-Traded Funds (ETFs) on various asset classes. Given my background and the current market dynamics, I am optimistic about the potential impact of a Dogecoin ETF on its price.

As a crypto investor, I can’t help but feel excited about the potential approval of a Dogecoin Exchange-Traded Fund (ETF). If this happens, it could significantly boost the price of Dogecoin, potentially taking it to unprecedented heights. The historical market response to Bitcoin ETFs gives us a clue about what we might expect – a flood of institutional investment and increased market liquidity. This surge in demand could easily propel the price of Dogecoin way beyond its current levels, making the $1 mark a much more achievable target for investors like me.

DOGE price today is down 5.7%, trading at $0.1368 after Bitcoin lost the $67,000 support. The crypto market is down 2.1%, hovering around $2.4 trillion. 

How High Could Dogecoin Price Climb with a DOGE ETF Approval?

If an Exchange Traded Fund (ETF) based on Dogecoin (DOGE) gets approved, it might significantly boost the value of DOGE as ETFs are perceived as less risky compared to conventional crypto assets and stocks. Conventional investors seeking exposure to Dogecoin while avoiding market volatility may opt for a DOGE ETF investment instead. This could potentially spark a price surge that propels DOGE to unprecedented highs.

To get a clearer picture of Dogecoin’s potential price movements, it would be wise to delve into the two currently available cryptocurrency ETFs: specifically, the Bitcoin Spot ETF and the Ethereum Spot ETF.

When these two were given the green light on January 10 and July 23, they were considered sell-the-news events, despite many having already purchased the rumors before approval. While Bitcoin recovered and reached a new record high in the subsequent two months, Ethereum has seen a steady decline since its ETF began trading.

The price of Dogecoin might mirror either of these two types of assets if an ETF is approved. However, due to its unique status as a meme coin, the potential effects could be multiplied significantly because this niche has shown a propensity for explosive growth with thousands of percentage increases – while utility coins typically only experience gains of a few hundred percent.

DOGE Price If A Dogecoin ETF Was Approved?

Currently, Dogecoin ranks as the ninth most valuable cryptocurrency based on market capitalization, boasting a daily trading volume of approximately $1.5 billion. This volume represents about 5.11% of Bitcoin’s total daily trading volume, which stands at a staggering $30 billion, according to data provided by CoinGecko.

Approximately 5.11% of the Bitcoin ETF’s total traded value ($21.15 billion) amounts to about $1.08 billion. This is equivalent to needing around $200 million in trading volume for Dogecoin to increase its price by just 1%, considering its current market conditions.

Given this Dogecoin prediction, if the meme currency mirrors 5.11% of Bitcoin ETF trading volume (as it currently does with regular trading and derivatives), following ETF approval, its value could soar by at least 440%, potentially reaching $0.7371 – a price point slightly above its previous highest record.

After the approval of Bitcoin and Ethereum ETFs, it’s unclear whether a Dogecoin ETF would rise or fall. Unlike Ethereum, Dogecoin benefits from a passionate and long-standing community that has supported it for many years.

Apart from hype and endorsement by Elon Musk, the wealthiest individual globally, and possibly a Department of Government Efficiency (D.O.G.E) agency in the U.S. government, Dogecoin’s value could surge past $0.7371 and even surpass the $1 mark. With its current circulating supply at approximately $146 billion, if Dogecoin reaches this price, it would have a market capitalization of $146 billion, positioning it as the third largest cryptocurrency in existence worldwide.

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2024-10-23 08:42