- 1 Arthur Hayes and Raoul Pal discussed the Dogecoin ETF.
- 2 DOGE is taking support on the 200 EMA level.
Raoul Pal, CEO of Real Vision, and Arthur Hayes, co-founder of BitMEX predict Dogecoin will get an ETF by the end of the cycle due to market cap and popularity on platforms like Robinhood.
Is Dogecoin ETF Possible?
Arthur Hayes and Raoul Pal attended an interview and predicted the potential approval of Dogecoin ETF. Hayes said the meme coin gained more in this cycle and the market will go even crazier as the Federal Reserve and US Treasury print more money.
Arthur added that Dogecoin is easily understandable by those are entering the crypto. The person doesn’t have to understand blockchain, AI, crypto, and cryptography.
Arthur and Pal also disclosed their portfolio coins and said that their portfolio was filled with dog-themed cryptos including DOGE, WIF, and BONK.
Hayes added that DOGE is the oldest memecoin and is also on the Robinhood platform. Moreover, in the interview, it was discussed that the Dogecoin ETF could be a possibility.
Will ETF Speculations Boost Doge Price?
Dogecoin is trading in the bearish trend below the key moving averages. However, the coin is taking support from the 200-EMA level and buyers are supporting the price at the lower level.
Doge was trading at the level of $0.1437 at the time of writing 2.46%. Its market cap stands at the level of $20.82 Billion. Additionally, the 24-hour trading volume was $1.14 Billion increased by almost 18.87%.
Moreover, the volume to market cap ratio of the last 24 hours is 5.28% showcasing that the coin has good liquidity.
From its all-time low price of $0.00008547, DOGE gave an outstanding return of 164325.34%. However, at the time of writing DOGE is 80.95% down from the all-time high price of $0.7376 according to the data of coinmarketcap.
Despite the recent weakness, DOGE grew by almost 42.97% in the last 6 months, 56.92% incline year-to-date and 128.74% return year-to-date.
Decoding the Indicators of DOGE
DOGE is trading beyond the 200 exponential moving averages, showcasing buyers’ presence at the lower level.
The RSI curve is at 42.18, and the 14 SMA curve is at 45.09, both close to the oversold zone showcasing bearishness.
According to the TradingView technical summary for the daily time frame, out of 26 indicators, 12 are giving a sell signal, 9 are on the neutral side, and 5 are signaling a buy indication. Overall, the weightage is on the buy side, showcasing bearishness.
Summary
Overall, the speculation about a Dogecoin ETF has the potential to spark interest in the price of Dogecoin. If approved, an ETF could provide a more accessible way for investors to gain exposure to Dogecoin, potentially driving up its price.
However, the actual impact on the market will depend on a variety of factors, including regulatory decisions and broader market trends. Investors should keep an eye on developments and perform due diligence before making investment decisions. Remember, cryptocurrency investments carry risk, and it’s important to invest wisely.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
