The widespread popularity of Dogecoin has been one of its greatest strengths, and as the price begins to rally once again, expectations are beginning to rise. Crypto ETFs have been at the forefront of the market after the United States Securities and Exchange Commission (SEC) approved Spot Bitcoin ETFs for trading earlier this year. Since then, there have been speculations for which cryptocurrency will receive approval next. While Ethereum is the obvious choice for many, one crypto expert has warned investors not to overlook DOGE.
Dogecoin ETF Has A More Than 30% Chance
In a post on X (formerly Twitter), crypto expert Andrew Kang revealed their expectation for Dogecoin when it comes to a potential ETF. The analyst accompanied the post with a screenshot of a number of notable influencers in the space debating the possibility of an Ethereum ETF being the next to get approved.
HsakaTrades had responded to the original tweet, saying they didn’t see anything happening soon. But with a screenshot saying an XRP ETF was likely. Kang responded that they should not rule out the possibility of a Dogecoin ETF.
In his recent post, Kang reiterated his stance once again, saying that DOGE had a higher than 30% chance of getting an ETF approval. Kang attributes this high chance to the fact that “Anything is possible with recent regulatory developments.” He further added that “Trump winning the presidency and Doge being the most decentralized alt” are also factors that could contribute to this.
According to Kang, everyone seems to be focusing on the wrong coin being approved for the next crypto ETF. “Everyone is talking about the ETH ETF trade but no one is talking about the $DOGE ETF trade,” he concluded.
I put odds of eventual $DOGE ETF at >30%. Anything is possible with recent regulatory developments, Trump winning the presidency and Doge being the most decentralized alt
Everyone is talking about the ETH ETF trade but no one is talking about the $DOGE ETF trade pic.twitter.com/8ujjRyty4d
— Andrew Kang (@Rewkang) March 4, 2024
DOGE ETF Not A Good Thing?
While the topic of a Dogecoin ETF has come out over the last few months, the responses have not exactly been positive. One crypto analyst who goes by @itsALLriskly on X posited that the meme coin was better off without getting an ETF approval.
As they explain, it would be hard for institutional investors to actually acknowledge the meme coin as a serious investment instrument. Instead, they urged that DOGE stays as a currency for everyday adoption, which would help its adoption.
Dogecoin influencer Mishaboar has also chimed in on the DOGE ETF discussion. Mishaboar took it a step further and warned the community that getting a DOGE ETF may not be as positive as the community is expecting.
He expressed that ETFs are actually about power and control, and those who buy into these ETFs are not buying the base cryptocurrencies themselves. He also points to the wild volatility triggered by anticipation of the Spot Bitcoin ETFs, which could be detrimental to investors chasing short-term gains.
“Their concern is with power and control, enabling them to generate substantial profits regardless of the direction in which the price of BTC is headed,” Mishaboar cautioned.
DOGE price at $0.166 | Source: DOGEUSD on Tradingview.com
Featured image from PC-Tablet, chart from Tradingview.com