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Dogecoin (DOGE) Price: Rises 8% Following 21Shares ETF Application Filing
In a stunning turn of events, the price of Dogecoin has experienced an unprecedented surge, rising by 8 percent following the filing of a spot crypto exchange-traded fund (ETF) application with the United States Securities and Exchange Commission (SEC). This sudden upswing has left investors and cryptocurrency enthusiasts alike questioning the potential long-term implications for DOGE’s market value.
The filing, which marks a significant milestone in the company’s efforts to expand its portfolio of offerings, comes as the crypto sector shows signs of recovery following a recent downturn. Furthermore, the launch of a new product on Switzerland’s SIX Swiss Exchange has already seen 21Shares gain a foothold in the international market.
Duncan Moir, president of 21Shares, emphasized that Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption.” This statement comes as DOGE has not only defied expectations but has also garnered significant attention from investors who are drawn to its unique status as a meme-inspired cryptocurrency.
President Donald Trump’s announcement of a 90-day tariff pause affecting 75 countries, which coincided with a broader 12% increase in the overall cryptocurrency sector, has been cited by some analysts as potentially having an impact on DOGE’s price action. Additionally, Elon Musk, a well-known Dogecoin supporter and key figure behind the Department of Government Efficiency (D.O.G.E.), has used his significant influence within the administration to advocate for the approval of crypto ETFs.
While this sudden 8% rise may be seen as a bullish sign by some investors, others are more cautious in their assessment of the data. According to on-chain analytics from Glassnode, 50.8% of DOGE’s supply is currently “in profit,” suggesting that the neutral investor base remains a key factor in determining the future trajectory of its market value.
As it becomes increasingly clear that the fate of this proposed ETF hangs precariously in the balance, investors will be closely monitoring the ongoing approval process at the SEC.
Source: https://blockonomi.com/dogecoin-doge-price-rises-8-following-21shares-etf-application-filing/
