The United States Securities and Exchange Commission (SEC) has officially acknowledged the spot Dogecoin ETF filing from 21Shares, an update that has set the DOGE price on a bullish ride. This acknowledgement officially sets the 21Shares DOGE ETF product on the commission’s timeline for approval. Notably, the commission can take up to 240 days to approve or reject the ETF proposal.
21Shares Dogecoin ETF and DOGE Price Reaction
With SEC acknowledgement, the 21Shares product now joins Grayscale Investments, which are also awaiting feedback from the US SEC. 21Shares filed for the DOGE ETF on April 9. Per the firm’s demand, it hopes to launch the product to provide exposure to the Dogecoin price with institutional investors as its target.
Though it is not sure that the commission will approve the fund like it did with Bitcoin and Ethereum ETFs, the recent acknowledgement suggests that a review process for the proposed ETF has kicked off.
The fund may be approved and launched later this year, considering the US SEC’s regulatory overhaul. Many crypto enthusiasts are optimistic that the new SEC leadership will hasten the review process.
With a pro-crypto Donald Trump-led administration and the confirmation of Paul Atkins as SEC Chair, the agency has become more receptive to crypto. This ‘benevolence’ could impact the 21Shares’ Dogecoin ETF filing.
Market Momentum Shifts In Favor of DOGE Price
Following the US SEC acknowledgment of the 21Shares spot Dogecoin ETF filing, the DOGE price jumped 6.29% in the past 24 hours to $0.2404. This rally comes despite the volatility recorded earlier in the trading hours. However, the coin has pared off all short-term and long-term losses, with its 7-day price growth at 42.19%.
The price jump aligns with Rekt Capital’s recent analysis on the future of the canine-themed memecoin. Per the earlier DOGE price analysis, Rekt Capital noted that the coin could rally to $0.27 because it can hold support at the $0.22 price level amid an ongoing bullish shift in the market.
Beyond the Dogecoin ETF push, other asset management firms are waiting for related acknowledgment from the market regulators on their ETF applications. As reported earlier by CoinGape, Bitwise filed to list a spot NEAR ETF with the US SEC about a week ago.
With the current trend that has seen other top altcoins like Binance Coin, XRP, and Cardano jostling for ETF listings, market analysts have highlighted high odds of listing these alternative products.
The post Breaking: Spot Dogecoin ETF Advances to Review Stage; DOGE Price Spikes appeared first on CoinGape.
