Bloomberg analysts forecast a high chance of a Dogecoin ETF being approved in the US this year, with the SEC expected to start processing applications from Grayscale and Bitwise soon.
Prospects for Dogecoin ETF Approval
Bloomberg analysts estimate a 75% chance of a Dogecoin ETF being approved. Analyst James Seyffart noted this in a post on February 10, adding that the odds for Litecoin, Solana, and XRP ETFs are 90%, 70%, and 65%, respectively.
Comparison with Other Crypto ETFs
Analysts state that the chances of Litecoin ETF approval are higher than Dogecoin's, as the necessary forms have already been filed and accepted by the SEC. Litecoin and Dogecoin are viewed as commodities, easing their approval process, while XRP lags due to ongoing legal issues with the SEC.
Impact on the Cryptocurrency Market
The anticipated approval of Dogecoin ETF and other crypto ETFs is likely to boost crypto prices by attracting more capital into the ecosystem. This could support price increases for other cryptocurrencies such as BTC Bull and Solaxy, based on the success of last year's Bitcoin and Ethereum ETFs.
The potential approval of a Dogecoin ETF and other cryptocurrencies could significantly impact the crypto market by attracting new investors and promoting price growth.
