Grayscale’s Dogecoin ETF Filing Sparks Optimism Of DOGE’s Rally To $1

Asset manager Grayscale has become the third to file to offer a Dogecoin ETF, sparking a bullish sentiment in the DOGE community. This development has also raised the possibility of the Dogecoin price rallying to $1 soon enough.

Grayscale has filed an application with the US Securities and Exchange Commission (SEC) to convert its Grayscale Dogecoin Trust into a spot exchange-traded fund (ETF).

The development comes after Grayscale filed to offer a Litecoin ETF earlier this month.

Previously, REX Shares and Bitwise filed to offer a Dogecoin ETF.

Grayscale’s filing has raised the possibility of the Dogecoin price rallying to $1 soon enough.

Asset manager Grayscale has filed an application with the US Securities and Exchange Commission (SEC) to offer a Dogecoin exchange-traded fund (ETF).

The filing, dated Monday, pertains to Grayscale’s Grayscale Dogecoin Trust, which began trading on the OTCQX last year. Grayscale is now looking to convert the Trust into an ETF, which will make it tradeable on the New York Stock Exchange.

Grayscale’s filing comes amid a broader push by asset managers to offer ETFs that track the performance of cryptocurrencies. Several applications have been filed in recent months, although none have yet been approved by the SEC.

Among the recent filings, REX Shares and Bitwise applied to offer a Dogecoin ETF earlier this year. Both applications follow Grayscale’s initial filing, which was submitted in December last year.

The development has sparked optimism that Dogecoin could indeed reach the psychological $1 level. A potential Dogecoin ETF is bullish as it would drive institutional inflows into the DOGE ecosystem, sparking further rallies for the foremost meme coin.

Such fundamentals could serve as the catalyst for price predictions made by crypto analysts like Trader Tradigrade, who predicted that DOGE could rally above the $1 mark.

In a recent X post, the crypto analyst remarked that the Dogecoin price is preparing for a massive rally. His accompanying chart showed that the foremost meme coin could surge past the $1 mark and reach $3.8 when this rally occurs.

News around the Dogecoin ETF could spark a bullish reversal for the Dogecoin price, with this reversal already looking imminent. In another X post, Trader Tardigrade revealed that DOGE’s MACD Golden Cross is approaching.

With the ascending triangle pattern and consecutive higher lows, the analyst further remarked that the meme coin could potentially reverse the downtrend into an uptrend.

In a recent X post, crypto analyst Master Kenobi suggested that Dogecoin’s uptrend could begin this February.

This came as the analyst alluded to DOGE’s performance last year. He noted that February 4th marked the first signs of an uptrend. With the month of February here again, Master Kenobi raised the possibility of history repeating itself.

However, it is worth mentioning that February isn’t exactly a historically bullish month for Dogecoin,. Since its launch in 2013, the foremost meme coin has recorded only an average monthly gain of 0.81% in February.

Nevertheless, as these analysts have suggested, there is still the possibility of a DOGE rebound this month, replicating the 50% gain recorded in February last year.

Ahead of this potential Dogecoin price rebound, Dogecoin whales have been actively accumulating.

Crypto analyst Ali Martinez revealed that these whales have accumulated 560 million DOGE in the past week, which signals a renewed interest from large holders.

At the time of writing, the Dogecoin price is trading at around $0.32, down almost 1% in the last 24 hours, according to data from CoinMarketCap.