Crypto Expert Reveals Why A Dogecoin ETF Has A 30% Chance Of Approval

Crypto Expert Reveals Why A Dogecoin ETF Has A 30% Chance Of Approval

Dogecoin’s vast appeal has been one of its greatest assets, and as the price begins to surge again, expectations are rising. Crypto ETFs have been at the forefront of the industry since the US Securities and Exchange Commission (SEC) allowed Spot Bitcoin ETFs to trade earlier this year. Since then, there has been conjecture over which cryptocurrency will be approved next. While Ethereum is the obvious pick for many, one cryptocurrency specialist has cautioned investors not to overlook DOGE.

Dogecoin ETF Has a More Than 30% Chance

In a tweet on X (previously Twitter), crypto specialist Andrew Kang shared his expectations for Dogecoin as a future ETF. The analyst followed the tweet with a snapshot of a number of key industry influencers discussing the potential of an Ethereum ETF becoming the next to be authorized.

HsakaTrades reacted to the initial tweet, stating that they did not anticipate anything occurring anytime soon. But a snapshot indicated that an XRP ETF was likely. Kang stated that they should not rule out the prospect of creating a Dogecoin ETF.

In a recent article, Kang maintained his views, claiming that DOGE had a better than 30% probability of receiving ETF clearance. Kang attributed this high likelihood to the fact that “anything is possible with recent regulatory developments.” He went on to say that “Trump winning the presidency and Doge being the most decentralized alt” might both contribute to this.

According to Kang, everyone seemed to be fixated on the incorrect currency getting authorized for the next crypto ETF. “Everyone is talking about the ETH ETF trade but no one is talking about the $DOGE ETF trade,” he said.

DOGE ETF Not A Good Thing?

While the idea of a Dogecoin ETF has been discussed in recent months, the reaction has not been good. One crypto expert, @itsALLriskly on X, said that the meme currency would be better off without ETF clearance.

As they argue, institutional investors would be unlikely to recognize the meme currency as a legitimate financial vehicle. Instead, they advocated for DOGE’s continued use as a currency for ordinary transactions, which would aid its acceptance.

Dogecoin influencer Mishaboar has also weighed in on the DOGE ETF debate. Mishaboar went a step further, warning the community that obtaining a DOGE ETF may not be as beneficial as the community anticipates.

He stated that ETFs are about power and control and that people who invest in these ETFs do not own the underlying cryptocurrencies. He also mentions the high volatility caused by the expectation of Spot Bitcoin ETFs, which may be damaging to investors seeking short-term returns.

“Their concern is with power and control, enabling them to generate substantial profits regardless of the direction in which the price of BTC is headed,” he pointed out.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.

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