Grayscale Targets Dogecoin ETF Approval, Igniting Hope for Next DOGE Price Rally Grayscale, a prominent digital asset management firm, is making significant strides in the cryptocurrency market by formally filing for a new Dogecoin Exchange-Traded Fund (ETF) with the SEC. This move comes as Dogecoin's price experiences a notable resurgence, prompting speculation among investors about a potential substantial price surge on the horizon.
Grayscale's Strategic Play for a Dogecoin ETF
Grayscale has officially updated its SEC filing to convert its existing Dogecoin Trust into a full-fledged ETF. Should it receive regulatory approval, this fund, to be known by the ticker symbol GDOG, is slated to trade on the NYSE Arca. This initiative aims to provide mainstream investors with regulated exposure to Dogecoin. The filing also highlights Coinbase's dual role: serving as the custodian responsible for securely holding the fund's Dogecoin, and acting as the prime broker to manage the ETF's core trading activities. The market has already demonstrated a robust appetite for such products, evidenced by Osprey's rival Dogecoin ETF (DOJE) which successfully attracted $17 million in its inaugural trading session, intensifying the race to bring meme-coin ETFs to market.
Accelerating Approvals and Dogecoin's Momentum
Recent adjustments to SEC rules have streamlined the ETF approval process, fostering a quicker timeline for new crypto products. This acceleration was notably observed with Grayscale's CoinDesk Crypto 5 ETF (GDLC) earlier this year, which saw an impressive $22 million in inflows on its first day of trading, significantly outperforming average ETF launches and signaling strong investor readiness for regulated crypto investment vehicles. Concurrently, Dogecoin itself has been gaining momentum, climbing from $0.26 to over $0.28 within just three days in mid-September, marking an 8% increase. This upward movement was partly fueled by large investors, or "whales," acquiring hundreds of millions of tokens, inspiring smaller traders to follow suit. The critical factor for Dogecoin now lies in maintaining its position above the $0.28 mark. If it can hold this level as the ETF approval process progresses, analysts anticipate ample room for another significant price surge, further cementing Dogecoin's status as a closely watched token in the crypto sphere.
