The top dog meme coin stumbled upon another roadblock in the application for an exchange traded-fund (ETF). This would open up many doors for Dogecoin (DOGE), including a big liquidity boost once the ETF products go live on stock markets.
SEC Unhurried To Bring Dogecoin To Stock Markets
However, the SEC is in no hurry to accept the documents required for this to happen, their latest public statement reveals. Instead, the Securities and Exchange Commission (SEC) is looking for the publicโs opinion on the matter. According to the message, SEC wants to know what people think about a handful of ETF submissions, including Grayscaleโs Dogecoin Trust.
Other ETF products up for public praise or rejection include variations of an XRP ETF, which 69% of voters on Polymarket are expecting to go live by the end of 2025. In total, the SECโs new Chair Paul Atkins & his team have to go through over 70 crypto-related ETF submissions.
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For most of them, the ultimate deadline is October, 2025, but more optimistic opinions expect the SEC to make some major moves this summer.
Dogecoin Whale Activity Fuels 3-Month Peak Stunt
Today, the blockchain data points to a conflicting sentiment between retail crypto fans and large holders, popularly referred to as crypto whales. The largest Dogecoin holders equipped themselves with 60.9B Dogecoin tokens, worth approximately $23.35 billion when the trades were conducted on the Proof of Work (PoW) blockchain.
Surely, not all of the 60.9B dog-decorated meme coin tokens were transferred for accumulation on self-custodial wallets. While one crypto whale pulled out 260 million Dogecoins in order to keep it in a decentralized crypto wallet, some other major players took profits, pushing DOGEโs Chaikin Money Flow (CMF) meter to negative values.
Switching hands at $0.2263 at the present moment, Dogecoinโs (DOGE) technical setup is still very much in an oversold condition. Based on one-day charts, the dwelling around 26 to 17 means that the Shiba Inu themed meme coin is undervalued, a sentiment that is shared among some crypto whales this Wednesday.
Right now, Dogecoinโs price is just three and a half cents below the three-month high of $0.26, with a market capitalization slimmer by a rough $5 billion, as per CoinGecko price tracking data.
On The Flipside
- According to seasoned ETF market commentators like Bloombergโs James Seyffart, itโs completely normal to expect postponements & decision delays from the SEC โno matter how Crypto-friendly this SEC isโ.
Why This Matters
Crypto inclusivity in traditionally-regulated markets adds appeal for the altcoin in question, testifying that Dogecoin has grown out of its original meme coin status.
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