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**Dogecoin (DOGE) Price Prediction & Analysis: Surges on ETF Filing from 21Shares**
In a bold move, digital asset manager 21Shares has filed an S-1 registration with the US Securities and Exchange Commission (SEC) to launch a spot Dogecoin (DOGE) exchange-traded fund (ETF). This development has sent shockwaves through the cryptocurrency market, driving DOGE prices upwards. CoinCentral’s analysis explores this unexpected surge in price action and provides insights into what investors can expect from this development.
**Market Sentiment**
The current political climate in the United States may favor cryptocurrency ETF approvals. The Trump administration has demonstrated support for the crypto sector, with recent policy shifts such as a 90-day tariff suspension affecting 75 countries. This news triggered a 12% increase in overall cryptocurrency market value, and the memecoin sector saw an even more substantial 17% gain. Elon Musk’s influence within the administration has led to speculation that a DOGE ETF approval might find favor in the current regulatory climate.
**Fundamentals**
On-chain data from Glassnode reveals that only 50.8% of Dogecoin’s supply is currently “in profit.” This means slightly more than half of the coins in circulation are valued higher than their last transfer, indicating a neutral investor base with balanced incentives to either hold or sell. Despite recent price gains, DOGE remains down in weekly and yearly timeframes, with losses of 5% and 17%, respectively. The cryptocurrency has experienced significant volatility over the past few months, falling from a peak of $0.4835 to as low as $0.1315 before its current recovery.
**International Developments**
While 21Shares focuses on filing for a US-based ETF, the company has already expanded Dogecoin products internationally. They have launched a fully backed DOGE exchange-traded product (ETP) on Switzerland’s SIX Swiss Exchange under the ticker “DOGE” with a 2.5% fee.
**Conclusion**
The recent surge in DOGE prices is largely attributed to the unexpected ETF filing from 21Shares. As CoinCentral analysts, we believe that this development may continue to drive momentum and potentially increase investor interest in DOGE. However, it’s essential to keep an eye on future regulatory decisions and market sentiment before making any investment decisions.
Disclaimer: The information provided here is for informational purposes only and should not be considered as investment advice or a recommendation by CoinCentral.
Source: https://coincentral.com/dogecoin-doge-price-prediction-analysis-surges-on-etf-filing-from-21shares/
