Dogecoin price stalls as DOGE ETF approval odds drop

Dogecoin price has remained in a tight range this week as Polymarket’s odds for a potential DOGE ETF decline.

Dogecoin (Doug), the largest memecoin, rose about 6% on December 2, bringing its seven-day gain to 7.5%. However, momentum may reverse Polymarket survey It shows that the odds of the SEC approving a DOGE spot ETF this year have fallen to 26%, down from a high of 50% last week.

In return, Polymarket users expect the SEC to approve Solana (Sol) ETF later this year, with Possibilities By 76%. The odds of getting a Ripple (XRP) ETF are 70%.

The DOGE ETF’s weaker prospects likely stem from a lack of demand from any financial services firm. In contrast, WisdomTree, a $100 billion asset management company, has applied for a Ripple ETF. Additionally, the SEC has a Jan. 31 deadline to approve or reject Solana ETFs proposed by companies like Grayscale, 21Shares and VanEck.

However, there is a possibility that one or more companies could file for a Dogecoin ETF if the SEC, under Paul Atkins, shows flexibility on cryptocurrency funds. Such ETFs could gain approval more easily, since Dogecoin is a proof-of-work cryptocurrency similar to Bitcoin.

DOGE also has an important position in the cryptocurrency industry, with a market capitalization of US$50 billion – about US$16 billion less than MicroStrategy. MicroStrategy has several leveraged and hedged ETFs.

Cryptocurrency ETFs work well because they help institutional investors gain access to the industry. Bitcoin ETFs It now has over $105 billion in assets, while Ethereum funds have over $12 billion.

Dogecoin price analysis

The daily chart shows that DOGE bottomed at $0.2635 in December and has since rebounded to $0.3382. It has moved towards the 50-day moving average, while the RSI is trying to break above the downtrend line.

The relative price oscillator has formed a bullish crossover. In addition, the Accumulation and Distribution Index remains high, indicating that investors are gradually accumulating DOGE.

As a result, the coin is likely to rebound, with bulls targeting resistance at $0.4836, the highest level reached in 2024. Conversely, a drop below the support level of $0.2650 would indicate further potential… Landing.