Asset manager Grayscale has become the third to file to offer a Dogecoin ETF, sparking a bullish sentiment in the DOGE community. This development has also raised the possibility of the Dogecoin price rallying to $1 soon enough.
Grayscale’s Dogecoin ETF Filing Sparks Optimism Of DOGE’s Rally To $1
Grayscale’s Dogecoin ETF filing has sparked optimism of a DOGE rally to $1. The New York Stock Exchange already filed the 19b-4 form with the US SEC to list and trade shares of Grayscale’s DOGE Trust. Grayscale is looking to convert the Trust into an ETF, which will make it tradeable on the NYSE.
This Dogecoin ETF filing, which is the third following the one from REX Shares and Bitwise, has further sparked optimism that DOGE could indeed reach the psychological $1 level. A potential Dogecoin ETF is bullish as it would drive institutional inflows into the DOGE ecosystem, sparking further rallies for the foremost meme coin.
Such fundamentals could serve as the catalyst for price predictions made by crypto analysts like Trader Tradigrade, who predicted that DOGE could rally above the $1 mark. In an X post, the crypto analyst remarked that the Dogecoin price is gearing up for a massive rally. His accompanying chart showed that the foremost meme coin could surge past the $1 mark and reach $3.8 when this rally occurs.
News around the Dogecoin ETF could spark a bullish reversal for the Dogecoin price, with this reversal already looking imminent. In another X post, Trader Tardigrade revealed that DOGE’s MACD Golden Cross is approaching. With the ascending triangle pattern and consecutive higher lows, the analyst further remarked that the meme coin could potentially reverse the downtrend into an uptrend.
DOGE’s Uptrend Could Begin This February
In a recent X post, crypto analyst Master Kenobi suggested that Dogecoin’s uptrend could begin this February. This came as the analyst alluded to DOGE’s performance last year. He noted that February 4th marked the first signs of an uptrend. With the month of February here again, Master Kenobi raised the possibility of history repeating itself.
However, it is worth mentioning that February isn’t exactly a historically bullish month for Dogecoin,. Since its launch in 2013, the foremost meme coin has recorded only an average monthly gain of 0.81% in February. However, as these analysts have suggested, there is still the possibility of a DOGE rebound this month, replicating the 50% gain recorded in February last year.
Ahead of this potential Dogecoin price rebound, Dogecoin whales have been actively accumulating. Crypto analyst Ali Martinez revealed that these whales have accumulated 560 million DOGE in the past week, which signals a renewed interest from large holders.
At the time of writing, the Dogecoin price is trading at around $0.32, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from TradingView
Source: NewsBTC