Bitwise DOGE ETF Filing: Dogecoin Price Could Rally 900% – Analyst
Dogecoin price is in focus as a potential spot DOGE ETF approval loom and whales accumulation rate increased. Approval odds on Polymarket rise to 53%.
Dogecoin price remains attractive to traders following improved market optimism over the meme token. The key drivers of this bullishness include the possibility of a Dogecoin ETF being launched in 2025 due to heightened pro-crypto sentiments under Trump’s administration.
As a result, investor sentiment about the dog-themed memecoin remains high, even as the market awaits the outcome of the next FOMC meeting. Still, a leading crypto analyst has predicted a huge price surge for DOGE.
Analyst Predicts 900% Gains for Dogecoin Price
Crypto analyst Ali Martinez has forecasted that DOGE may shoot up 900% within 48 hours, as it did in 2021. Although this projection has dominated the headlines, it contrasts with the prevailing market sentiment ahead of the US FOMC meeting.
The broader crypto market remains under pressure, with expectations of unchanged interest rates dominating discussions. DOGE price has been down 1.2% in the last 24 hours, and it changed hands at $0.329 at the time of writing.
DOGE ETF Filing and Dogecoin Price
Another cause of a bullish Dogecoin price is reputable asset manager Bitwise’s filing of an S-1 application with the US Securities and Exchange Commission to list a spot Dogecoin ETF. This move has infused fresh market optimism, drawing investors’ attention.
Chances of approval are growing, with anti-crypto SEC Chair Gary Gensler no longer at the organization’s helm. Hence, approval could cause a huge surge in Dogecoin price, validating the 900% price surge analysts had predicted earlier.
DOGE whales’ action is another factor influencing Dogecoin price. On-chain data indicate that whales’ DOGE accumulation increased by over 5.3% this past week and about 324% in the last 30 days. This shows the rising interest in the memecoin among these high-net-worth investors.
Before Bitwise’s filing, Osprey Funds and REX Advisers had filed for approval from the US regulator to launch an ETF for memecoins, including DOGE. The recent developments have caused the odds of approval for a spot DOGE ETF on Polymarket to increase from 27% at the start of this year to 53%.
Elon Musk’s DOGE Panel Saves the US Government
Meanwhile, according to an official statement from the advisory panel, the US Federal Government has saved about $1 billion per day thanks to Elon Musk’s Department of Government Efficiency (D.O.G.E). The advisory panel reported that it achieved the milestone by implementing measures such as freezing non-essential hires, eliminating DEI programs, and improper payments abroad, which saves the federal government $365 billion annually.
The advisory panel still aims to drive these daily savings to around $3 billion, thus playing a critical role in solving the nation’s national debt crisis. With the ticker DOGE similar to the acronym of the government advisory board, market analysts argue that Musk’s tweet about the board could positively impact Dogecoin’s price.
TRUMP Memecoin Gains Real-World Utility
Data shows that several Trump-linked platforms now accept the Official Trump (TRUMP) memecoin as a mode of payment on various retail goods, including sneakers. Some e-commerce websites that have added the memecoin as a payment option include GetTrumpWatches.com, GetTrumpFragrances.com, and GetTrumpSneakers.com.
These websites use Trump’s brand to attract crypto-savvy customers, capitalizing on his pro-crypto stance. Beyond retail, some businesses like Travala have started accepting TRUMP tokens for travel bookings on their platform.
This rising adoption has cleared skeptics’ claims that the memecoin is a pump-and-dump scheme. The TRUMP token, launched on the Solana blockchain on January 17th, now has more than 700,000 holders, according to blockchain analytics platform Solscan.
Customers looking to make purchases at Trump-affiliated stores can use the “Solana Pay” feature.
TRUMP’s Price Analysis
At the time of writing, the latest on-chain data shows that TRUMP is changing hands at $28.03, down 4.42% in the last 24 hours. The token peaked intraday at $30.22, but it’s still about 63% below its all-time high of $75.35.
TRUMP is ranked 26th in the cryptocurrency market rankings, with a market capitalization of $5.6 billion and a 24-hour trading volume of $2.64 billion.
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