DOGE ETF on the Horizon: A Game-Changer for Memecoin?
DOGE ETF– In February, Bloomberg ETF analysts James Seyffart and Eric Balchunas predicted that the odds of a DOGE ETF approval stood at 75%. This forecast was echoed by prediction site Polymarket, which also showed a similar outlook. Fast forward to now, and bettors on the platform are pricing in a 64% chance of DOGE ETF approval by 2025.
Despite the positive predictions for DOGE’s ETF approval, the behavior of major players in the DOGE market has been sending mixed signals. For instance, miners (represented by the red line) have been accumulating DOGE since March, increasing their holdings from 831 million to 907 million DOGE tokens. This stands in contrast to their selling behavior between December and February.
On the other hand, social volume and active user activity have remained relatively low, indicating that retail investors are showing little interest in the memecoin amid the market’s Q1 sell-off.
Large Wallet Holders’ Actions
A weak sentiment is also noticeable among the largest DOGE wallet holders, those holding over 1 billion DOGE (blue line). These major players have been consistently offloading their tokens since December, without changing their strategy. Given DOGE’s price sensitivity to these large wallet movements, their continued selling could limit the cryptocurrency’s recovery potential.
DOGE’s Price Movement
From a price perspective, DOGE has erased all the gains made during the U.S. election period, returning to its November price level of $0.15. While this level acted as support in March, it remains uncertain whether it will hold up through Q2.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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