If the Dogecoin-ef market is approved,and it only attracted bitcoin etf product 30% the price of canecoin may soar to new highs.
Dogecoin (doge) is one of the best-performing stocks in the current bull market, currently trading at its June 2021 high.Although the market-wide adjustment triggered a drop in 24 hours 2.8%, But the meme currency rose in November 159%.
The reason why the doge has achieved such a huge growth rate is simply because of market speculation and speculation surrounding the government efficiency department. Tesla CEO Elon Musk pioneered the doge in the incoming Donald Trump administration.
Market speculation has led to a doge rebound
Interestingly, the impact of external fundamentals market catalysts such as ETFs has yet to be felt, which can trigger even larger price increases. It's worth noting that bitcoin's price surge in the first quarter was partly due to the inflow of the Bitcoin ETF, which was launched in January.
In addition, BTC's continued upward trend to break through $99,000 has also benefited from capital inflows into ETF products. The Bitcoin ETF now boasts that inflows have worth $30.8 billion since January, and discussions around ETFs of other crypto assets have emerged.
Ethereum (ETH) followed suit by attracting ETF products, which were launched in July. In addition, some asset managers have applied for XRP ETF and Solana ETF. However, the Securities and Exchange Commission has yet to approve the documents.
Dogecoin has always been behind the scenes, but the possibility of a memme coin ETF is not impossible. It's worth noting that ETF Store CEO Nate Geraci recently argued that some asset managers could use the Dogecoin ETF as a marketing strategy.
Dogecoin price, if its etef is obtained 30% of bitcoin ETFs
Meanwhile, Bloomberg's ETFs expert eric balchunas, note that December 31 may be the best time to apply for dogecoin ETFs. If asset managers show interest in Dogecoin's ETFs, the market could see an influx of capital.
Such an influx could trigger a sharp rise in the price of canecoin. It's worth noting that with the current accumulated net inflows of $30.8 billion, if the Dogecoin eff market accounts for that only number 30%, the oge could soar.
In terms of background, the bitcoin ets flow in 30% the equivalent of $9.24 billion. If one levers the quarter multiplier of Bank of America (boa), this will result in a market value multiplier of 29.5 times per dollar flowing into dogecoin ets.
At 29.5 times the price, $9.24 billion would provide an additional market value of $272.58 billion for Dogecoin. That would give doge a market value of $334.68 billion, slightly below Ethereum's current market value of $406.58 billion.
With a market value of $334.68 billion, the price of Dogecoin could break through the $1 mark, essentially soaring to $2.20 per token. Analysts such as ali martinez believe this target is feasible for the price of Dogecoin, and martinez's recent forecast could rebound to $2.40.