Nasdaq has submitted a new S-1 filing to the SEC for the 21Shares Dogecoin ETF. This filing officially begins the process to list and trade the first spot Dogecoin exchange-traded fund. It marks a historic milestone for Dogecoin, the leading meme cryptocurrency by market capitalization. The ETF could open a path for institutional access to this major digital asset.
The Nasdaq filing reflects growing interest from traditional institutions in digital assets, specifically altcoins beyond Bitcoin and Ethereum. Increased demand for this charismatic digital asset could support broader institutional exposure and help Dogecoin (DOGE) achieve mainstream acceptance.
Understanding the S-1 Filing: What It Means for Dogecoin
The S-1 form, which the SEC uses for new offerings of securities, is a registration statement. Through this filing, the aim of Nasdaq and 21Shares is to approve for an ETF which tracks the price of Dogecoin. The filing will then appear in the Federal Register for public comments before a decision is made after SEC approval.
Earlier this month, 21Shares filed a form 19b-4, signaling strong intent to launch a DOGE ETF. Both filings follow a similar path toward ETF approval seen with previous Bitcoin and Ethereum ETF applications.
Dogecoin ETF Filings: A Growing Trend Among Asset Managers
As for Dogecoin, 21Shares is obviously not alone in appreciating its potential. Grayscale and Bitwise, along with several other asset management houses, submitted requests for their respective ETFs in Dogecoin. Analysts argue that the more applications received from ETFs, the more likely competition will build up and eventually lead to approval by the SEC.
That the recent surge in application filings was a true reflection of the growing bullish sentiment in the digital asset landscape. Meme coins especially seem to gain credence as institutional investors are seeking an increasing amount of interest in them.
DOGE Price Outlook: What’s Next?
In spite of the milestone Nasdaq filing, the price of Dogecoin remained stable, trapping itself just below the $0.20 mark. Crypto analyst Ali (@ali_charts) recently tweeted on X that it’s possible for a shift in momentum to occur on a monthly close above $0.20. According to Ali, such a breakout may trigger a DOGE rally to the 2021 bull run all-time high of $0.74.
“A close above $0.20 could ignite strong bullish momentum, possibly setting DOGE up for a breakout run,” remarked Ali.
DOGE’s price discovery would really enter into a new regime with fast-moving action as institutions scramble to get a piece and Dogecoin ETF approval suddenly appears likely.