Dogecoin (DOGE) has experienced incredible success in its 11-year history. Since its launch in December 2013, the original memecoin has garnered a cult following beyond its crypto roots. Early investors have made millions of dollars in profit. New investors are hopeful about DOGE’s future. While the memecoin has had ample success, DOGE’s price has struggled to regain its 2021 momentum.
Two Things That Could Take Dogecoin To $5
1. Spot ETF
Grayscale submitted a spot DOGE ETF filing to the SEC earlier this year. If the financial watchdog approves a DOGE ETF, the asset could see a surge in institutional money. Institutional funding is key to an asset’s price. Bitcoin’s (BTC) recent rally is also attributed to a spike in institutional inflows. BlackRock alone has purchased billions of dollars worth of BTC this month.
The SEC delayed its decision on Grayscale’s DOGE ETF application. There is a high probability that the SEC will eventually approve the filing. The SEC’s new head, Paul Atkins, has publicly stated his pro-crypto stance. A spot ETF could take DOGE’s price to never-before-seen levels.
Also Read: $1000 In Dogecoin Is Worth This Much After 10 Years
2. DOGE on X Payments
Elon Musk is one biggest Dogecoin (DOGE) fans in the world. The tech billionaire has already enabled DOGE payments for many of his ventures. There is a high probability that Musk will include the memecoin on X’s payment feature.
X has about 586 million active monthly users. DOGE could potentially unlock a whole new user base if it is accepted on X. The move could lead to a surge in adoption. The demand could lead to DOGE breaching the $5 mark.
DOGE could go beyond $5 if the spot ETF and X payment feature both happen together. The US currently has a very pro-crypto administration. The environment could be just right for DOGE to break out of its slump.