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Homeweb3.0How High Could Dogecoin Price Climb with a DOGE ETF Approval?

If a Dogecoin (DOGE) ETF were approved, it would affect the positively price of DOGE since ETFs are considered less risky compared to normal crypto assets and stocks.

How High Could Dogecoin Price Climb with a DOGE ETF Approval?

The approval of a DOGE Exchange-Traded Fund (ETF) could have a significant impact on the price of Dogecoin (DOGE). ETFs are generally perceived as less risky compared to directly holding crypto assets or stocks. As a result, traditional investors seeking exposure to DOGE without navigating the market volatility may opt to invest in a DOGE ETF. This could lead to a surge in demand for DOGE, potentially pushing its price to new highs.

However, it's important to note that the approval of a DOGE ETF may not guarantee a straightforward price increase. To better understand how DOGE's price might perform, we can examine the performance of the only two existing crypto ETFs: the spot Bitcoin ETF and the spot Ethereum ETF.

When these two ETFs were approved on January 10 and July 23, respectively, it was largely a "sell-the-news" event, with most having bought the rumor leading up to the approval. While Bitcoin later regained momentum and made a new all-time high in the following two months, Ethereum has consistently lost ground since its ETF began trading.

Hence, DOGE's price may follow a trajectory similar to either of these two assets in the event of an ETF approval. However, considering that DOGE falls under a unique category (meme coin), the impact could be exponentially greater. Meme coins are typically known to experience explosive price surges, often reaching thousands of percent gains, compared to a few hundred percent for utility coins.

DOGE's Price Scenario If A Dogecoin ETF Were Approved

Dogecoin is currently the 9th largest crypto asset by market cap, with $1.5 billion in trading volume, which is 5.11% of Bitcoin's total daily trading volume ($30 billion), according to CoinGecko.

5.11% of the total Bitcoin ETF volume ($21.15 billion) is around $1.08 billion. Given the current price and market cap, it would take roughly $200 million in trading volume to push the Dogecoin price up by just 1%, as per our calculations.

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