21Shares has officially submitted an S-1 application to the SEC for a Dogecoin (DOGE) ETF in the US. The SEC is yet to approve a 19b-4 filing from 21Shares. A 19b-4 acknowledgment would take the filing a step higher. 21Shares’ DOGE ETF would track the performance of the memecoin by measuring the CF Dogecoin-Dollar Settlement Price (DOGEUSD_RR).
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Will The SEC Approve A Dogecoin ETF?
The US is under a pro-crypto administration. President Trump has said he wants the crypto industry in the US to thrive. The SEC even dropped its litigation against Ripple last month. There is high probability that the SEC will approve several crypto-based ETFs this year, with DOGE being a potential one.
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Elon Musk is a central figure within the Trump administration. Musk is also one of the most significant Dogecoin (DOGE) supporters. It was his idea to create the Department Of Government Efficiency (D.O.G.E.). With Musk playing a crucial role in the current administration, there is a very high chance that we will get a DOGE ETF this year.
21Shares has also partnered with the House Of Doge to launch the only Dogecoin ETP endorsed by the Dogecoin Foundation
The Memecoin Breaks Out
The cryptocurrency market is recovering from its recent crash. Bitcoin (BTC) has reclaimed the $82,000 mark. The global crypto market cap has risen 5.6% in the last 24 hours to $2.7 trillion. DOGE also follows the market uptrend.
DOGE has rallied 9.2% in the daily charts and 0.1% over the previous month. Despite the rally, the memecoin is still down by 6% in the weekly charts, 21% in the 14-day charts, and 16.8% since April 2024.
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If the SEC approves 21Shares’ Dogecoin ETF application, the memecoin could soar to new heights.