The recent rise in active Dogecoin addresses to 1.6 million has attracted traders' attention, especially with the ETF approval expected. What are the next steps for DOGE?
ETF Expectations
Currently, the proposed VanEck and Galaxy ETFs are in the comment period with the SEC, with final feedback due by July 28. If approved, analysts at K33 Research predict the funds could attract up to $700 million in their first quarter, comparable to the initial inflow seen in Solana's ETF in May.
Increased Wallet Activity
Blockchain data shows a noticeable increase in wallets accumulating DOGE. Specifically, addresses holding one Dogecoin or less have surpassed ten million, marking a new record. Additionally, the recent 'Libdoge' upgrade has reduced node sync time by 30%, positively impacting block speed.
What's Next?
Currently, key levels for DOGE are $0.187 above and $0.165 below. A daily close above the first level could initiate a rally towards $0.21, while losing the second may lead traders to aim for $0.148. Wallet activity, block speed, and ETF news will influence market sentiment in the coming weeks.
The next six weeks will be critical for Dogecoin, determining its position in the regulatory landscape. Strong growth in active addresses and plans for an ETF create optimism for further development.
