Grayscale ETF Dogecoin: DOGE Price Predicted to Reach $3,8
2025-02-02
Bittime - Step Grayscale Investments filed exchange-traded fund (ETF) Dogecoin to the United States government is fueling speculation: could this meme-based crypto asset reach a new record price high? Check out the following in-depth analysis.
What Is a Dogecoin ETF?
The Dogecoin ETF is an investment instrument that allows institutional and retail investors to profit from Dogecoin price movements without having to own the crypto asset directly.
How it works uses a schema trust with Coinbase as custodian of assets and BNY Mellon as administrator. If approved by the US Securities Commission (SEC), this ETF will trade on the New York Stock Exchange (NYSE) under the ticker "DOG".
Grayscale Submit ETF Dogecoin
Grayscale officially filed form 19b-4 with the SEC on January 31, 2025 to amend Dogecoin Trust into an ETF. This is a strategic move after the success of their Bitcoin and Ethereum ETFs.
The approval process is estimated to take 45-90 days, with a potential flow of institutional funds reaching IDR 16.2 trillion (1 billion US dollars) in the first month.
Based on official documents, Dogecoin is considered to meet the requirements as a liquid asset with use for transactions between users and the system reward for miners. Grayscale also plans to launch ETFs for XRP and Litecoin.
Dogecoin Price Today
On February 2 2025 at 16.00 WIB, the price of Dogecoin was at IDR 4,831 with a market capitalization of IDR 810 trillion (50 billion US dollars). In the last 24 hours, Dogecoin reached IDR 5,533 (0.341 US dollars) before correcting 0.67%.
Data from CoinGecko records that trading volume jumped 220% in line with the accumulation by large investors (whales) of 560 million Dogecoins worth IDR 9.07 trillion (560 million US dollars).
Dogecoin Price Prediction
Renowned crypto analyst Trigrade predicts two main scenarios:
- Up (Bullish): If the ETF is approved and Dogecoin is able to penetrate the resistance level of IDR 5,598 (0.345 US dollars), the price has the potential to soar to IDR 8,100 (0.50 US dollars) to IDR 61,560 (3.8 US dollars).
- Down (Bearish): ETF rejection could trigger a price correction to IDR 4,860 (0.30 US dollars) or even IDR 4,050 (0.25 US dollars) if market sentiment worsens.
The RSI 54 indicator shows neutral conditions, but formation ascending triangle on the weekly chart hints at potential breakout. Some experts are optimistic that Dogecoin could reach IDR 32,400 (2 US dollars) by the end of 2025 if the positive trend continues.
Conclusion
The approval of the Dogecoin ETF by the SEC has the potential to be a major milestone for this crypto asset, turning it from just a meme into a legal investment instrument.
Although there is a chance of significant price increases, investors need to pay attention to the risk of DOGE price volatility in the near future. The Dogecoin community supports Grayscale's plans, February 2025 may be the month that determines the fate of Dogecoin.
FAQ
What are the advantages of a Dogecoin ETF for investors?
Allows Dogecoin investment without the need to have a crypto wallet, the funds will be protected by trusted institutions such as Coinbase and BNY Mellon.
What are the main risks of the Dogecoin ETF?
Price volatility is high and depends on market sentiment.
Could the price of Dogecoin reach $1?
Analysts such as Trigrade predict that the price of Dogecoin could reach IDR 61,560 (3.8 US dollars) if the ETF succeeds in attracting large funds to this asset.
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