Nasdaq has filed a Form 19b-4 with the U.S. Securities and Exchange Commission (SEC), proposing to list and trade shares of the 21Shares Dogecoin ETF.
The SEC has postponed its decision on Bitwise’s spot DOGE ETF application, extending the review period to June 15, 2025.
Dogecoin’s price hovered near $0.17 on Wednesday, following a slight dip after the news.
Nasdaq submitted the Form 19b-4 to the SEC on Tuesday, seeking approval to list the 21Shares Dogecoin (DOGE) Exchange-Traded Fund (ETF). Meanwhile, the regulator delayed its decision on Bitwise’s spot DOGE ETF application, pushing the deadline to June 15. This news led to Dogecoin trading around $0.17, with a minor decline earlier in the week.
Nasdaq’s SEC Application for 21Shares Dogecoin ETF
Nasdaq’s filing proposes the listing and trading of shares of the 21Shares Dogecoin ETF. This move follows 21Shares’ submission of an S-1 registration with the SEC on April 10. The ETF will provide exposure to Dogecoin’s price without requiring direct ownership of the cryptocurrency. Coinbase Custody Trust will serve as the custodian, holding the fund’s tokens.
Concurrently, the SEC announced an extension of the review period for Bitwise’s spot DOGE ETF application. The delay follows requests from NYSE Arca and Cboe BZX Exchange in March to list Bitwise’s Dogecoin product.
These developments caused a brief dip in Dogecoin’s price, though it stabilized near $0.17 by Wednesday.
Dogecoin’s Technical Outlook Faces Weekly Resistance
Dogecoin has encountered resistance at the weekly $0.18 level, dropping 4% over three days as of Sunday. By Wednesday, it hovered around $0.17.
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Key technical observations:
- The Relative Strength Index (RSI) on the daily chart sits at 54, trending downward toward the neutral 50 level, signaling weakening bullish momentum.
- A break below $0.15 (April 22 low) could trigger further declines.
- A weekly close above $0.18 may reignite upside momentum, potentially retesting the $0.22 psychological resistance.
FAQ Section
1. What is a Dogecoin ETF?
A Dogecoin ETF tracks the price of DOGE without requiring investors to hold the cryptocurrency directly. It simplifies exposure for traditional investors.
2. Why did the SEC delay Bitwise’s DOGE ETF decision?
Regulators often extend review periods for complex or novel financial products to assess market impact and risks thoroughly.
3. How does Coinbase’s involvement affect the 21Shares ETF?
Coinbase Custody Trust acts as the custodian, ensuring secure storage of the fund’s Dogecoin holdings, which enhances investor confidence.
4. What factors influence Dogecoin’s price movements?
Key drivers include ETF news, broader crypto market trends, social media sentiment, and macroeconomic factors.
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Market Context for Meme Coins
Meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have shown volatile rebounds, often tied to market sentiment and resistance levels. Recent trends highlight:
- Resistance Challenges: DOGE struggles near $0.18, while SHIB and PEPE face similar hurdles.
- Macro Impacts: Geopolitical events (e.g., Iran-Israel tensions) briefly lifted prices, but risk-off sentiment can trigger declines.
Disclaimer: This content reflects the author’s perspective and is not investment advice. Consult a financial advisor before making decisions. Leveraged products like CFDs carry risks—invest cautiously.
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