Dogecoin News Today: Regulators and Investors Hold Breath as DOGE ETF Approval Looms

DOGE’s Price Resurgence Inspires Bold Market Activity

Recent developments in the Dogecoin (DOGE) market have sparked renewed interest among investors, with speculation growing around potential regulatory approvals that could drive the price upward. As the U.S. Securities and Exchange Commission (SEC) approaches the approval deadline for a Bitwise ETF on October 18, market analysts believe there is an 80% chance of approval, a significant increase from the 44% probability in June. This surge in optimism is bolstered by the likelihood that the SEC may approve multiple ETFs simultaneously, including those for Grayscale and 21Shares, which have also submitted applications for October and January, respectively [1].

Dogecoin’s current market capitalization exceeds $31 billion, with daily trading volume averaging $2 billion, making it one of the more liquid cryptocurrencies. Its lack of staking features and proof-of-work consensus mechanism further differentiate it from traditional securities, strengthening its case for ETF inclusion. If approved, DOGE ETFs could attract up to $3 billion in assets, assuming a 3% market capitalization allocation, which would represent a substantial inflow for the asset [1].

From a technical analysis perspective, DOGE has been consolidating within an ascending channel since April. The price recently hit a crucial support level at $0.2100, the lowest it has been since early August, and is currently hovering near the 50-day exponential moving average. A breakout above the year-to-date high of $0.2865 could push the price toward $0.3500, representing a 67% increase from its current level [1]. Analysts attribute this potential upward movement to the anticipation of ETF approval, which is expected to bring increased institutional and retail investment into the DOGE market.

The broader regulatory landscape for digital asset ETFs is also evolving, with major U.S. exchanges—Cboe, Nasdaq, and NYSE Arca—proposing new rules to fast-track the approval process. These exchanges filed 19b-4 forms with the SEC on July 30, outlining three standard criteria for expediting crypto ETF approvals. According to Galaxy Research, DOGE is among 10 tokens that meet or will soon meet these criteria, including conditions related to market surveillance, futures contract availability, and existing ETF exposure. This fast-track initiative aims to reduce regulatory bottlenecks and increase market access, mirroring the impact of the traditional ETF Rule 6c-11 from 2019, which streamlined the approval process for equity ETFs [2].

The potential for quantitative metrics to further refine the approval process has also been discussed. These metrics could include minimum market capitalization thresholds, trading volume requirements, liquidity assessments, and custody infrastructure readiness. While the SEC has not yet finalized these standards, recent comment letters from industry groups like The Digital Chamber suggest that minimum market capitalization and trading volume could be key components. DOGE, with its strong liquidity profile and institutional recognition, appears well-positioned to meet these emerging criteria [2].

As the regulatory environment becomes clearer, the DOGE market is showing signs of heightened activity. While the price remains volatile, the convergence of favorable technical indicators, regulatory progress, and growing institutional interest suggests a potential breakout is on the horizon. Investors are closely watching the October 18 deadline, as it may mark a turning point for DOGE's market trajectory and broader cryptocurrency ETF adoption.

Source: [1] Dogecoin price target if the SEC approves a DOGE ETF in October (https://crypto.news/dogecoin-price-target-if-the-sec-approves-a-doge-etf-in-october/) [2] Fast-Tracking Digital Asset ETFs - Galaxy (https://www.galaxy.com/insights/research/digital-asset-etfs-fast-track-sec-approval) [3] Dogecoin USD Historical Data (https://www.coingecko.com/en/coins/dogecoin/historical_data)