The Solana Foundation has signed a Memorandum of Understanding (MOU) with Dubai’s Virtual Assets Regulatory Authority (VARA) to collaborate on talent development, economic data sharing, and founder workshops. This partnership aims to support the growth of the Solana Economic Zone in Dubai, fostering innovation and building a strong blockchain ecosystem. Together, they plan to nurture local talent and provide resources to accelerate Solana-based projects in the region.
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.
Japanese firm Metaplanet saw its stock price surge to three-month highs on Monday after announcing its latest Bitcoin (BTC) acquisition. The company added 1,004 BTC to its treasury, marking its third significant purchase this month.
A week earlier, it had acquired 1,241 BTC, surpassing El Salvador’s reserves. Previously, on May 7, Metaplanet made a comparatively smaller purchase of 555 BTC.
“From July 1, 2024, to September 30, 2024, the Company’s BTC Yield was 41.7%. From October 1, 2024, to December 31, 2024, the Company’s BTC Yield was 309.8%. From January 1, 2025, to March 31, 2025, the company achieved a BTC Yield of 95.6%. Quarter to Date, from April 1, 2025, to May 19, 2025, the Company’s BTC Yield is 47.8%,” the statement read.
The company now holds a total of 7,800 Bitcoin, with an aggregate investment of 105.38 billion yen, or roughly $712.5 million. The average historical purchase price across its Bitcoin holdings stands at 13.5 million yen per BTC, approximately $91,343 per coin.
Meanwhile, following the news, Metaplanet stock, 3350.T, appreciated by 12.6%, according to Yahoo Finance data. At press time, its trading price was 702 yen ($4.8), marking highs last seen on February 13.
Over the past month alone, 3350.T’s value has increased by 101.7%, greatly benefiting from Bitcoin’s latest rally. In fact, since adopting a Bitcoin reserve strategy, the stock prices have increased over 15-fold.
The firm’s financial performance further supports this upward trajectory. In its Q1 FY2025 earnings report, Metaplanet disclosed revenues of $6 million, with 88% derived from Bitcoin options trading.
This highlighted the important role BTC plays in its financial success. As the firm continues integrating Bitcoin into its economic strategy, it is setting a new benchmark for corporate crypto adoption in the region.
Pum.fun launched its native token PUMP earlier today, and not so surprisingly, the sale ended in 12 minutes. In this duration, about $500 million worth of PUMP was picked up by retail investors at a $4 billion valuation.
However, as per BeInCrypto’s analysis, the anticipation did not fare well for the pump.fun ecosystem tokens.
Goatseus Maximus (GOAT)
GOAT price surged 23% this week, emerging as one of the better-performing pump.fun tokens. However, the anticipation surrounding the PUMP token launch led to a 9% drop in the last 24 hours.
Despite this, GOAT remains an altcoin to watch as it shows significant volatility and market interest.
Currently trading at $0.120, GOAT is holding above the critical support level of $0.117. The MACD indicates that bullish momentum is strengthening, potentially pulling the price back up.
However, if investors decide to secure profits by selling their holdings, GOAT could face downward pressure. A fall through the $0.117 support could lead the altcoin to slip to $0.102, invalidating the bullish thesis.
Peanut the Squirrel (PNUT)
PNUT price increased by 19.2% over the past week, reaching $0.264. However, like other pump.fun tokens, it experienced an 8% drop in the last 24 hours. Despite this, PNUT is still showing signs of positive momentum.
The Parabolic SAR currently indicates an uptrend for PNUT. If the altcoin can sustain above the key support level of $0.260, it could rally towards $0.300. Continued positive momentum in the broader market could further boost PNUT’s price.
If PNUT fails to maintain support at $0.260, it could face downward pressure. A drop below this level could push the price to $0.219, erasing recent gains and invalidating the bullish outlook.
Pythia (PYTHIA)
PYTHIA emerged as the only coin to note a rise in the last 24 hours, trading at $0.048 after a 42% increase. The altcoin is now facing the resistance of $0.052. This momentum could indicate further price growth, as PYTHIA continues to attract investor attention in the pump.fun ecosystem.
The Ichimoku Cloud below the candlesticks signals a bullish trend for PYTHIA. This indicates potential for further price increases, especially with the upcoming launch of the PUMP token.
Should the market conditions stay favorable, PYTHIA could breach the $0.052 resistance level and target $0.060 in the coming days.
However, if profit-taking occurs, PYTHIA may face a price decline. A fall below the $0.039 support could lead to further downward movement, potentially reaching $0.033. Should this happen, it would invalidate the current bullish outlook.
