With a Dogecoin ETF product in view, market analyst Ali Martinez believes DOGE can jump as high as $15 amid embrace.
Popular crypto analyst Ali Martinez is positive that the launch of a Dogecoin ETF will trigger a massive price gain for DOGE. He says it could bring double-digit price gain to the canine-themed memecoin. Ali Martinez’s bullish statement comes amidst increased efforts from several investment asset management firms to list this crypto ETF.
Dogecoin to Hit $15 With DOGE ETFs
Dogecoin currently has a reputation amongst its counterparts as the largest crypto memecoin by market cap. At the time of this writing, it boasts up to $53 billion in market cap. The memecoin trades at $0.3626, corresponding with a 4.13% price increase in 24 hours. Markedly, this price may be an implication of the discussions surrounding the coin.
Ali Martinez is looking at the possibility of DOGE hitting $15. He cited the coin’s weekly candle chart to give credence to his forecast.
Based on the analysis of this chart, DOGE appears to have been trading within an ascending channel since at least 2017. It is moving from the lows of this channel with a $15 price target, achievable with the help of a catalyst.
By all means, Dogecoin must attain a market cap of $2.2 trillion to hit the price target described by Martinez. This is equivalent to gaining about 41 times its current valuation of $53.2 billion. In December, one analyst suggested that the dog-themed memecoin’s price could skyrocket to $24. At the time, he based his prediction on technical signals and big investor purchases.
Asset Managers and Dogecoin ETF Push
On January 22, Bitwise registered a statutory trust in Delaware dubbed “Bitwise Dogecoin ETF” through the CSC Delaware Trust Company. A Delaware statutory trust serves as a legal entity, offering a cost-efficient and regulatory-compliant structure for managing pooled funds like an ETF. Amongst many other functions, it offers tax benefits.
Delaware statutory also ensures a distinction between funds and asset managers’ funds. Hence, its registration usually comes before the official filing of an ETF and is considered a key first step. It is more of a preparatory move with no guarantee of a near filing. For instance, CoinShares already filed a Dogecoin trust registration but has not proceeded with an official ETF filing.
REX Advisers and Osprey Funds have made a joint filing for the same offering with the United States Securities and Exchange Commission (SEC) right after seeking regulatory approval to debut an ETF tied to the TRUMP digital currency. These moves from the firms and Bitwise have triggered the crypto space to discuss the possible implications for the meme coin’s price.
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