Renowned cryptocurrency analyst Ali Martinez has asserted that a Dogecoin ETF would drive the price of DOGE to a double - digit price level.

With a joint filing from REX Advisers and Osprey Funds and the subsequent developments, the cryptocurrency space has been rife with speculation about the potential launch of a Dogecoin (DOGE) exchange - traded fund and its possible impact on the meme coin's price. In particular, one analyst has stated that the packaging of the dog - themed meme coin for traditional investment would send its price soaring into the double digits.

 

Famed crypto analyst Ali Martinez has claimed that an ETF would propel Dogecoin (Doge) to a double - digit price level.

In a recent post on X, the analyst asserted that the ETF would drive the price from $0.36 at the time of writing to $15. He supported this view by analyzing the meme coin's weekly candlestick chart, which he has frequently highlighted in recent weeks.

The chart indicates that Doge has been trading within an uptrend channel since at least 2017 and projects a move from the channel's low with a target of $15. Martinez's statement suggests that he believes the ETF would be the catalyst needed for the meme coin to reach this coveted target.

However, reaching this target would require the meme coin's market capitalization to hit $2.2 trillion, approximately 41 times its current valuation of $53.2 billion. In context, that's currently more than just the market capitalization of Bitcoin.

Nonetheless, Martinez maintains that in the cryptocurrency space, market capitalization doesn't hold as much significance, pointing to XRP ($183 million) having a market cap that at times exceeds that of asset manager BlackRock ($158 billion), which is valued at over $12 trillion.

Meanwhile, according to a recent JPMorgan analysis of the uptake of Bitcoin and Ethereum ETFs, DOGE ETF revenues in its first year could be a mere $1.6 billion to $3.2 billion, indicating a market - cap penetration rate of 3% to 6%.