Crypto analyst Ali Martinez has sparked excitement in the crypto community with a bold prediction for Dogecoin ($DOGE), claiming that the approval of a Dogecoin ETF could send the price soaring to $15.
Martinez took to X(Twitter) to share his thoughts on the potential impact of the ETF, highlighting a buy signal on the 4-hour chart, suggesting that the meme coin might be poised for a significant rebound.
The Bitwise Dogecoin ETF Filing
The prediction comes shortly after Bitwise Asset Management filed a significant application for a Dogecoin ETF in Delaware. This filing marks the first significant effort by a financial institution to launch a Dogecoin-focused ETF. Matt Hougan, Bitwise’s Chief Investment Officer, confirmed the application on January 23, sparking further interest in Dogecoin’s future.
However, some experts caution that the filing, while noteworthy, is only an administrative step and not an official ETF proposal to the U.S. SEC.
Bloomberg Senior Analyst James Seyffart clarified on social media that the Delaware registration is merely for a trust, not an official ETF filing. He emphasized that this is preparatory and that the filing may be misunderstood as a formal ETF application.
Despite the administrative nature of the filing, it marks a pivotal moment for the cryptocurrency industry, signalling the increasing institutional interest in Dogecoin as an asset.
The use of a Delaware statutory trust as a legal framework provides Bitwise and other companies with the ability to launch investment products like ETFs, setting the stage for potential future developments.
Also Read: Dogecoin Whales Accumulate Over 1 Billion DOGE Amid Optimism Of Price Rally
A Shift Toward Crypto-Friendly Regulations
The timing of this move is significant, as it coincides with a broader shift in the regulatory landscape under the Trump administration, which has become more crypto-friendly.
This change in sentiment is seen as an encouraging factor for financial firms like Bitwise, as it opens the door for greater acceptance of crypto-based investment products.
In addition to Bitwise’s filing, other firms like Osprey Funds and Rex Shares have also entered the race for crypto ETFs, seeking to launch proposals for a range of cryptocurrencies, including Solana, Ethereum, Bitcoin, and even meme coins like Trump’s memecoin.
Could History Repeat for Dogecoin?
Ali Martinez’s prediction draws on historical patterns of Dogecoin’s price movements. In 2017, Dogecoin experienced a 212% surge, followed by a 40% retracement, before exploding with a 5,000% rally. In 2021, the coin saw a 476% rise, then a 56% correction, and ultimately a 12,000% rally.
If history indeed repeats itself, Martinez believes Dogecoin could be on the verge of another dramatic rally.
Dogecoin’s Price Actions
At the time of writing, Dogecoin is trading at $0.347, down by 8.47% in the last 24 hours. The global market cap stands at $51.26 billion, with the 24-hour trading volume dropping by 67.57%.
Despite the recent downturn, the long-term outlook for Dogecoin appears promising, especially if an ETF launches and more institutional interest flows into the market.
With the Dogecoin ETF application now in play and the potential for history to repeat itself, all eyes will be on $DOGE as it seeks to make a significant comeback. If Martinez’s prediction holds, we may see Dogecoin reach new heights soon.