Could Dogecoin Soar to $10? The Potential Impact of 21Shares’ ETF Application

The dialogue regarding Dogecoin may be gradually transforming, and recent market trends indicate that the meme coin could be on the verge of attaining new record highs. The latest update entails Nasdaq filing a 19b-4 form with the U.S. Securities and Exchange Commission (SEC), requesting authorization to list and trade shares of the 21Shares Dogecoin ETF. This follows the previous S-1 registration submitted by 21Shares on April 10, which seeks to provide investors regulated entry to DOGE.

Dogecoin ETFs May Be Arriving on Wall Street Shortly

On Tuesday, Nasdaq filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC), officially seeking permission to list and trade the 21Shares Dogecoin ETF. This application builds on 21Shares’ earlier S-1 registration, which not only outlined the architecture of the proposed ETF but also disclosed an “exclusive” affiliation with the House of Doge.

While the ETF cannot be initiated without final authorization from the SEC, Nasdaq’s 19b-4 submission constitutes a pivotal milestone in the regulatory journey. It denotes the second and final formal step needed to propose a spot cryptocurrency ETF for evaluation. Once the SEC acknowledges the submission, it will be published in the Federal Register, and the official review process will begin, during which the agency will assess whether to approve, reject, or postpone the decision.

This ETF, if approved, would enable institutional investors to gain exposure to DOGE through a regulated financial instrument, thus welcoming large capital inflow into the meme coin.

DOGE At $10: This May Not Be So Unimaginable Anymore

For Dogecoin to achieve $10, it would necessitate a substantial increase in its market capitalization, a scenario that once appeared entirely unattainable. Dogecoin has been the subject of numerous technical evaluations of price surges, with projections even surpassing $10. Currently, a rising momentum surrounding a spot Dogecoin ETF and increasing institutional interest provide significant support.

One of the most compelling signs that such a leap is not unfeasible can be found in the precedent established by Bitcoin. When the Spot Bitcoin ETFs received approval in early 2024, they initiated a surge of capital inflows from both institutional and retail investors. Dogecoin, renowned as the king of meme coins, is now set to follow a similar path. Although the $10 mark may not materialize immediately, the route to this objective is becoming more apparent with developments like the Nasdaq ETF application.

The SEC is presently reviewing multiple applications related to the listing of Spot Dogecoin ETFs, with entities such as Bitwise also awaiting sanction. Altogether, there are approximately 70 requests for crypto ETFs currently under review by the SEC. According to analysts at Bloomberg, there exists a 75% likelihood of approval for a DOGE ETF in 2025.

At the time of writing, Dogecoin is trading at $0.174.

Featured image from Getty Images, chart from Tradingview.com

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