Dogecoin is currently trading at $0.2167, up by a modest 0.43% over the last 24 hours, but this is not the only thing on the horizon for the token. According to Bloomberg analyst Eric Balchunas, REX Shares could introduce the first Dogecoin exchange-traded fund (ETF) in the United States as soon as next week, which will be a significant milestone for the entire crypto market.
REX Shares is planning to apply for the so-called “40 Act” regulatory process, which has recently been used to launch a Solana staking ETF. This approach avoids the usual S-1 and 19b-4 offering filing requirements that have held up other crypto ETF applications. ETF Store president Nate Geraci explained the approach as a “regulatory end-around” that facilitates approval and accelerates market entry for the product.
The SEC has already received a valid prospectus from REX Shares. However, the agency has warned investors about the risks of DOGE, saying that the asset is a relatively new innovation with significant and unique risks.
Also Read: DOGE Price Prediction: Is $1.40 the Next Big Breakout?
Despite those concerns, REX Shares may be positioned to gain an advantage over other applicants. Dogecoin ETFs have still been awaiting a decision from companies including 21Shares, Bitwise, and Grayscale since they submitted their applications earlier this year.
As regulatory progress gains momentum, traders are also closely tracking DOGE price movements on the market. Analyst Trader Tardigrade pointed out that the coin has a long and well-known history of powerful rallies followed by deep corrections.
In 2017, Dogecoin exploded from about $0.0002 to $0.0180, an increase of over 8,900%. That rally was followed by a strong correction, but the price could stabilize at a higher support zone near $0.0012.
The second historic bullrun peaked in 2021 when DOGE shot from $0.0020 to almost $0.75 at its highest point. Its correction afterwards wiped out much of those gains, but their coin still found support above $0.045. Even as the price floated above its pre-rally levels, growth with volatility was a theme.
At the moment, DOGE is consolidating within the gap of $0.12 to $0.22. Analysts point out that the price is still respecting an ascending trendline, which translates to DOGE making higher bottoms over time. This technical formation is reminiscent of earlier consolidation phases in which long sideways movement preceded gigantic breakouts in subsequent cycles.
Source: X
Looking forward, the chart looks set to make a huge swing. If Doge follows its historic trend, analysts think that the coin could rocket into the $3.00 to $11.00 range during the next bullish cycle. At first glance, those goals seem lofty, but they are achievable considering the past stellar performance of the coin amid periods of increased speculation.
For now, two catalysts are contributing to the debate. One of them is whether or not the SEC will give approval to REX Shares and allow them to proceed with the launch of the first Dogecoin ETF.
The second is whether the DOGE price will be able to move above its current consolidation and embark on a new upward trend. These developments have the potential to define the next chapter in the token’s journey and could lead to its next epic growth phase.
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