Dogecoin (DOGE) draws attention due to Elon Musk's backing and significant whale purchases. Spot ETF expectations rise, potentially gaining traction with changes at the SEC.
Dogecoin ETF: Questions and Discussions
The cryptocurrency market has progressed significantly towards traditional finance. Altcoin projects are gaining recognition as institutional interest grows. In the U.S., crypto-friendly politicians actively support market development. Although there's no spot ETF application for Dogecoin, Bloomberg analyst Eric Balchunas believes the landscape could change with the return of Trump and Paul Atkins at the SEC.
Whale Activity Strengthens Dogecoin’s Position
According to Santiment, whale investors capitalized on the market dip, purchasing over $77 million in Dogecoin. These investors now hold 10.7 billion DOGE, about 1% of the total circulating supply. Wallets holding between 1 and 10 million DOGE drive this accumulation. Technically, Dogecoin’s price is in a correction phase, testing the 0.5 Fibonacci support level. On the weekly chart, the Relative Strength Index (RSI) has exceeded 85% for the first time since mid-2021, signaling a possible move toward an all-time high.
Cryptocurrency Market: Outlook and Prospects
The current state of the crypto market, coupled with potential spot ETF approvals, could play a crucial role in determining the future performance of Dogecoin and other altcoins. Institutional investor interest continues to grow, setting the stage for a transformative phase in crypto adoption. As reported by Turkish NY Radio, developments around Dogecoin reflect its resilience and growing institutional appeal.
With favorable regulatory conditions, Dogecoin's future could be brighter. Converging circumstances highlight its potential for further growth.
