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Asset manager Grayscale Has become the third to create a Dogecoin ETF, which means a bullish sentiment in the Doge community. This development has also increased the possibility that the price of Dogecoin collects quickly enough to $ 1.
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Grayscale’s Dogecoin ETF -Input Sparks Optimism from Doge’s Rally to $ 1
The Dogecoin ETF application from Grayscale has awakened an optimism from a doge rally to $ 1. The New York Stock Exchange already has the 19B-4 Form With the US SEC to summarize and trade shares of Grayscale’s Doge Trust. Gay values Want to convert trust into an ETF, which trades it on the NYSE.
This Dogecoin ETF -InvestorThat is the third party followed from the shares of Rex and Bitwise, has also led to optimism that Doge could indeed reach the psychological level of $ 1. A potential Dogecoin ETF is Bullish because the institutional inflow into the doge ecosystem would float, causing further rallies for the most important meme coin.
Such basic principles could serve as the catalyst for price forecasts of crypto analysts such as such as such as Trader TradesHe predicted that doo could collect above $ 1. In an X post, the Crypto analyst noted that the Dogecoin price is preparing for a huge meeting. His corresponding graph showed that the most important meme currency could rise beyond $ 1 and reach $ 3.8 if it occurs.
News about the Dogecoin ETF could cause a bullish reversal for the Dogecoin price, whereby this reversal already looks like it. In another X -post, trader Tardigrade revealed that Doge’s MacD Golden Cross is approaching. With the rising triangular pattern and consecutive higher lows, the analyst further noted that the Meme -Munt could possibly turn the Downtrend on an upward trend.
Doge’s upward trend could start in February
In a recent X post, Crypto Analyst Master Kenobi suggested that the upward trend of Dogecoin could start in February. This came as the analyst referred to the performance of Doge last year. He noted that February 4 marked the first signs of an uptrend. With the month of February here again, Master Kenobi stated the opportunity that history repeated itself.
However, it is worth mentioning that February is not exactly a historic bullish month for Dogecoin. Since the launch in 2013, the most important meme currency has only included an average monthly profit of 0.81% in February. However, as these analysts have suggested, there is still the possibility that a Doge -Rebound will be this month, so that the 50% profit was registered in February last year.
In anticipation of this potential rebound of the Dogecoin price, Dogecoin whales have been actively collected. Crypto analyst Ali Martinez revealed that these whales collected 560 million doge in the past week, which indicates a renewed interest of large holders.
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At the time of writing, the Dogecoin price acts at around $ 0.32, according to almost 1% in the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Unsplash, graph of TradingView
Credit : www.newsbtc.com
