The rise of cryptocurrency projects over traditional financial institutions and increasing interest in new initiatives, including Dogecoin, are key topics today.
Cryptocurrency Projects and New ETF Applications
The victory of the crypto industry over traditional financial institutions has sparked increased interest in altcoin projects. In recent weeks, institutional investors have strengthened their support for digital assets. Investment fund managers have filed for spot ETFs for cryptocurrencies such as Solana, XRP, and Litecoin with the US SEC, anticipating continued growth in the Web3 sector.
Dogecoin Market and Whale Interest
Dogecoin remains a leader among memecoins, primarily due to Elon Musk’s support. The network now boasts over 5.9 million holders. Yet to date, no fund manager has filed for a spot Dogecoin ETF with the US SEC. Bloomberg analyst Eric Balchunas believes that the new US president's inauguration and Paul Atkins becoming the SEC chair will improve the chances for crypto ETF approvals.
Dogecoin's Future Targets
Dogecoin's price is in a midterm correction phase after significant gains in the past two months. With a fully diluted valuation of about $47 billion and a daily average traded volume of $5 billion, Dogecoin is testing support at the 0.5 Fibonacci Retracement level. On a weekly timeframe, its price aims for new highs as the RSI has surpassed 85% for the first time since mid-2021.
The triumph of the crypto industry and its expansion into the traditional financial sector continue to draw attention. Dogecoin's strength and institutional investors' support open new opportunities for cryptocurrency projects.
