21Shares, a prominent player in the cryptocurrency market, has recently entered the race for the first U.S. spot Dogecoin (DOGE) exchange-traded fund (ETF) alongside Bitwise and Grayscale. The approval odds for a DOGE ETF were estimated to be above 60% as of the latest reports. This move comes after 21Shares submitted a filing to the U.S. Securities and Exchange Commission (SEC) on the 9th of April, seeking approval to launch a DOGE ETF.
In the first quarter of 2025, Grayscale and Bitwise also made similar submissions, indicating a heated competition to be the first to offer a memecoin ETF in the U.S. market. Despite the optimism surrounding the approval of a DOGE ETF, there are mixed signals from large players in the DOGE market. For instance, miners have been accumulating DOGE tokens since March, in contrast to their selling activities in the previous months.
On the other hand, social volumes and active users in the DOGE market have been relatively low, suggesting a lack of interest from retail investors during the first quarter sell-off. Additionally, major wallet holders with over 1 billion DOGE tokens have been consistently dumping their holdings since December, which could impact DOGE’s price recovery potential. The price of DOGE has retraced to $0.15, erasing all gains made during the U.S. election period. Despite finding support at this level in March, the future price movement of DOGE remains uncertain as it hovers near critical levels.
If DOGE fails to hold above $0.15, it could experience further downside towards $0.10 or even $0.06. Conversely, a bullish scenario could unfold if DOGE manages to reclaim the 200 Daily Moving Average (DMA) above $0.25. This price action will be closely monitored by market participants and could impact investor sentiment towards DOGE in the coming quarters. The race for a DOGE ETF approval in the U.S. market continues to gather momentum, with multiple firms vying for a piece of the growing meme cryptocurrency market.
