Nasdaq has submitted an S-1 form for the 21Shares Dogecoin ETF with the US Securities and Exchange Commission (SEC). This move officially kicks off the approval process, with the Commission having to decide whether or not to approve the fund, which will provide institutional investors access to the top meme coin.
Nasdaq Files To List & Trade 21Shares Dogecoin ETF
A Nasdaq filing has revealed that the exchange has submitted an application to the US SEC to list and trade the 21Shares Dogecoin ETF. This move is significant, as the S-1 filing officially begins the approval process.
The SEC will then move to publish the filing in the Federal Register and ask for public comments on the filing before it decides to approve or deny. It is worth mentioning that asset manager 21Shares had earlier this month filed the 19b-4 form for its DOGE ETF. This move showed the firm’s intention to offer investors exposure to the largest meme coin by market cap.
Besides 21Shares, Grayscale, and Bitwise have also filed to offer a Dogecoin ETF, providing a bullish outlook for the DOGE price, which could surge as institutional investors invest in the meme coin. More asset managers are expected to file for a DOGE ETF as interest in the meme coin picks up.
What’s Next For The Dogecoin Price?
The DOGE price remained unchanged following Nasdaq’s S-1 filing for the 21Shares Dogecoin ETF. However, crypto analyst Trader Tardigrade predicts that a breakout might be on the horizon for the top meme coin.
In an X post, the analyst noted that Dogecoin has been moving within different ranges, experiencing both false breakdowns and breakouts. He added that the meme coin has now returned to its current range. In line with this, he expects DOGE to break out, potentially sending it higher.
Aave and Uniswap protocols recently created new records amid signs of a recovery in the cryptocurrency market.
Record-breaking achievements by Aave and Uniswap amid a recovering crypto market raise the question: Are we witnessing the start of a new DeFi boom, or is this just a short-term surge?
Whale Activity Signals Confidence in Aave
With Ethereum (ETH) surpassing $2,500, a key milestone in a volatile crypto market, whale activity on Aave and milestones from Uniswap paint a picture of the decentralized finance (DeFi) ecosystem.
A wallet linked to WLFI recently deposited 50 WBTC into Aave V3 and borrowed 400 million USDC to purchase 1,590 WETH at an average price of $2,515. This wallet now holds assets worth $15.11 million, including 3,924 WETH ($9.91 million) and 50 WBTC ($5.19 million). It has a healthy position on Aave (Health Rate of 2.0), reflecting confidence in ETH’s upside potential.
On the same day, a whale named nemorino.eth bought 3,088 WETH at an average price of $2,488, securing an unrealized profit of approximately $124,000. This reinforces bullish sentiment around ETH as large investors accumulate near the $2,500 level. However, not all whales are optimistic.
On May 12, 2025, EmberCN reported that a whale borrowed 5,000 ETH from Aave in 50 minutes and shorted it at $2,491, highlighting divergent investment strategies.
Is DeFi Poised for a Boom?
The surge in whale activity on Aave aligns with remarkable DeFi milestones. Aave’s founder, Stani Kulechov, announced on May 11, 2025, that Aave reached a record Total Value Locked (TVL) of $25 billion, making it one of the largest DeFi protocols.
According to DeFiLlama data from May 14, 2025, Aave accounts for over 21% of the DeFi market’s TVL, surpassing competitors like Lido (LDO) and EigenLayer (EIGEN). This growth is largely driven by large investors depositing substantial assets into the protocol.
Meanwhile, Uniswap, a leading decentralized exchange (DEX), achieved a historic milestone. On May 12, 2025, Uniswapreported that its all-time trading volume surpassed $3 trillion, showing DeFi’s appeal.
DefilLama data from May 14, 2025, shows that Uniswap processes over $3.6 billion in transactions in 24 hours, capturing 24% of global DEX trading volume and solidifying its dominance.
These milestones from Aave and Uniswap reflect DeFi’s growth and a shift of capital from traditional finance to decentralized protocols.
Implications of Whale Movements and DeFi Growth
These developments carry significant implications for ETH and the DeFi ecosystem. Active whale participation on Aave signals a strong belief in ETH, particularly as its price exceeds $2,500. This optimism supports the broader DeFi narrative.
Aave’s $25 billion TVL highlights its role in providing liquidity and supporting complex investment strategies. Similarly, Uniswap’s $3 trillion trading volume shows the popularity of DEXs, enabling direct, intermediary-free trading that reduces costs and enhances transparency.
The DeFi boom could propel ETH’s long-term growth. The price surpassing $2,500, coupled with whale activity, indicates DeFi is becoming a cornerstone of Ethereum’s ecosystem.
The rise of Aave and Uniswap, fueled by record TVL and trading volumes, alongside significant whale activity, suggests DeFi is entering a new growth phase. While short-term market fluctuations remain possible, these protocols’ increasing institutional interest and strong fundamentals point to a sustained DeFi boom, with Ethereum at its core. However, investors should monitor market movement and whale strategies, as divergent approaches signal potential volatility.
Ethereum price remains steady around $1,837 as Vitalik Buterin’s new proposal fuels optimism for Ethereum’s long-term simplification.
Ethereum (ETH) Deadlocked Below $1,900 as Market Recovery Stalls
Ethereum price is currently consolidating at $1,837, down slightly from its recent 24-hour high of $1,847, according to CoinGecko. Despite a 1.7% uptick on the weekly chart and a monthly gain of 2.8%, ETH has struggled to break above the critical $1,900 level.
The broader crypto market has also entered a temporary pullback phase after a high-profile event in the U.S. state of Arizona.
On Saturday, Arizona Governor Katie Hobbs vetoed a key piece of legislation that would have allowed the state to hold Bitcoin in its strategic reserves, a bill that had already passed the legislature.
Ethereum price action, May 3, 2025 | Source: Coingecko
The political setback triggered a short-term confidence dip, stalling Bitcoin’s rally and dragging Ethereum down with it. As Bitcoin price retraced from $98,000 to $96,200, Ethereum mirrored the move, slipping into a modest correction.
Despite reduced weekend trading volumes, Ethereum is still showing signs of active buying pressure, supported by short-term traders’ confidence.
Ethereum derivatives data show that Open Interest stands at $20.87 billion (-0.57%) while total trading volume dropped 29.8% to $28 billion.
Ethereum Derivatives data analysis, May 3, 2025 | Coinglass
The ETH futures trading volume decline being larger than the Open interest dip on Saturday indicates that majority of investors are abstaining rather than close out their ETH positions.
Bulls Hold Tight After Vitalik’s Latest Update
In a move that could reshape Ethereum’s future, Vitalik Buterin has published a new five-year roadmap titled “Simplifying the L1.” The proposal outlines a path to radically reduce Ethereum’s base-layer complexity, aligning it more closely with Bitcoin’s minimalist architecture.
According to Buterin, Ethereum’s core protocol has become bloated with over 300,000 lines of code, compared to Bitcoin’s 15,000.
Vitalik Buterin issues new proposal to enhance Ethereum scalability, May 3, 2025
While this expansion enabled a wide range of dApps and smart contracts, it has also introduced severe security and maintainability concerns.
The infamous DAO hack of 2016, where $50 million in ETH was drained, serves as a stark reminder of such vulnerabilities.
To address this, Buterin suggests implementing a maximum code line limit for Ethereum’s core. This change would reduce the surface area for attacks, make audits simpler, and improve overall protocol resilience.
“Simplicity, like decentralization, is upstream of resilience,” Vitalik Buterin wrote, urging the community to take the long-term view.
While the ETH price may not react immediately to these structural changes, market sentiment around Ethereum’s long-term viability has visibly improved.
The long/short ratio on Binance ETH/USDT shows 2.52:1 for top traders’ accounts, a bullish indicator that suggests whales are already predominantly betting on Ethereum price upside for the coming sessions.
Ethereum Price Forecast: ETH Eyes $1,950 as Compression Builds Near Key Resistance
Ethereum price forecast today reflects a market steadily coiling beneath resistance at $1,873.17, with technical signals aligning for a potential breakout toward $1,950. Price action has maintained higher lows through late April into early May, revealing steady accumulation under resistance.
The Donchian Channel indicator also shows ETH price pressing its upper boundary, a classic setup for a volatility expansion.
Ethereum Price Forecast
Despite the mild pullback to $1,835.30 on Saturday, Ethereum bullish momentum remains intact, and the mid-channel support at $1,705.22 stands as the nearest downside checkpoint.
The Choppiness Index reading at 47.86 confirms a sideways, coiling price structure—neither fully directional nor overly consolidated.
Should Ethereum close decisively above the $1,873 ceiling with elevated volume, momentum would likely carry ETH toward $1,950 in the near term.
In contrast, a breakdown below $1,800 would weaken bullish conviction and expose $1,705.22 as a possible retracement zone.
The ongoing Trump tariffs saga continues to take new turns, especially following the president’s announcement of a proposed 50% tax on EU goods. Now, the US and India are allegedly close to reaching a trade agreement, which could happen in the next 10 days. This is bullish for the market, considering how crypto assets reacted positively when the US and China reached an agreement earlier this month. Trump Tariffs: US & India Close To Trade Deal According to a CNBC-TV18 report, the US and India are close to making a breakthrough in trade negotiations as part of a move to lower the 26% tax that resulted from the Trump tariffs last month. Both parties could reportedly reach an initial agreement in the next seven to ten days. As part of the agreement, the US would partially exempt Indian goods from the 26% reciprocal tariffs. Meanwhile, the US may impose a 10%… Read More at Coingape.com
