Exchange-traded funds (ETFs) have been making headlines over the past couple of weeks. Altcoins were taking the front stage. With Donald Trump’s pro-crypto stance and Elon Musk’s addition to the government, Dogecoin (DOGE) is expected to shine brighter than its counterparts. While the asset has struggled to make it past the $1 mark for years now, the community is betting on $2 if an ETF gets approved.
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Dogecoin’s Current Market
The entire market was drowning in the red sea throughout the past week. Meme coins weren’t spared either. Despite this, Dogecoin pocketed gains of over 5% over the last seven days. At the time of writing, the OG meme cryptocurrency was trading at $0.2630 following a daily uptick of nearly 2%.
The asset’s latest rise was linked to Grayscale’s ETF application. The firm’s Form 19b-4 submissions for the Grayscale XRP Trust and the Grayscale Dogecoin Trust were acknowledged by the SEC on February 13. This means that the agency has 240 days to evaluate and make a decision on the applications. It should be noted that the agency has acknowledged several applications over the past two weeks including Litecoin (LTC) and Solana (SOL).
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Can The OG Meme Coin Hit $2?
CoinCodex stated that there was little chance of Dogecoin ever hitting $2. $1.182974 is the highest price at which the meme currency is anticipated to trade this year. This is a significant 348% increase over its current price. According to reports, DOGE will reach this peak in February 2025. It is important to remember that the meme coin peaked at $0.7376 around four years ago in 2021. At the moment, Dogecoin is trading 64% lower than its high.
While DOGE’s $2 dream was shattered, a green light from the SEC for an ETF could certainly push the price of the coin.
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