DOGE, the popular dog-themed meme cryptocurrency, slid 2.5% during Wednesday’s U.S. market to trade at $0.17. The selling pressure followed broader market uncertainty, evidenced by the Bitcoin consolidation. Despite the risk of prolonged correction, the buyers prepare for a counterattack as a major digital asset manager applies to the NASDAQ to the U.S. SEC to list the 21Shares Dogecoin ETF.
Nasdaq Applies to List 21Shares Dogecoin ETF
Apr 30, 2025— Nasdaq applied to the U.S. Securities and Exchange Commission (SEC) to list and trade the 21Shares Dogecoin ETF under Rule 5711(d). The fund will be structured as a commodity-based trust and aims to provide investors with direct price exposure to Dogecoin without needing self-custody.
The proposed Dogecoin ETF by 21 Shares, U.S.-licensed, is designed to mirror the spot Bitcoin and Ethereum ETF, which gained approval last year.
This filing follows a wave of similar initiatives from major asset managers. Grayscale and Bitwise also filed for Dogecoin ETFs earlier this year. Grayscale’s approval filed with the NYSE Arca has already triggered a 240-day review period by the SEC.
The timeframe gives the agency eight months to evaluate the proposal, solicit public comments, and decide whether to approve, deny, or modify their application. If approved, the ETF would attract institutional interest and bolster liquidity and demand for DOGE coins.
DOGE Price Faces 16% Drop Before Major Reversal
For nearly two months, the Dogecoin price resonated within two horizontal levels of $0.20 to $0.142, projecting a short-term uncertainty in the market. However, with today’s price dip, Dogecoin triggers a breakdown below the 20-day exponential moving average, which is dynamic resistance/support, indicating an initial shift in market sentiment.
In the past four months, the cryptocurrency price has shown several attempts to sustain itself above this support, but each failure has resulted in an accelerating selling pressure. If history repeats, the sellers could push the asset 16% down to hit the $0.142 floor before testing major support.
Amid the escalating ETF mania, the DOGE price will likely sustain this support and exit the current consolidation with the $0.2 breakout.
Also Read: Bitcoin Crowd Sentiment Shifts to Greed, Risking Price Plateau
