The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the spot Dogecoin ETF application submitted by 21Shares. This milestone triggers the official approval timeline and immediately pushed the DOGE price up by more than 6%. The acknowledgment is fueling hopes of a breakthrough for memecoins in regulated investment products.
Dogecoin ETF moves closer to reality
21Shares filed its spot Dogecoin ETF proposal with the SEC on April 9, aiming to offer institutional investors direct exposure to DOGE’s price. With the acknowledgment now confirmed, the application enters the SEC’s review process, which can take up to 240 days. The proposal mirrors earlier Bitcoin and Ethereum ETFs, both of which were eventually approved after years of resistance.
While approval is not yet guaranteed, many analysts view this step as a positive sign that the SEC is taking altcoins more seriously. The timing is notable, too—under a potential pro-crypto Trump administration and with Paul Atkins expected to lead the SEC, optimism is growing for more lenient regulation.
Market reacts to ETF progress
Shortly after the SEC’s announcement, Dogecoin jumped 6.29% to $0.2404. Over the past seven days, the meme-inspired coin has rallied more than 42%, fully recovering from recent losses. Analysts like Rekt Capital predict a move toward $0.27, as long as DOGE can maintain support above $0.22 amid the ongoing bullish sentiment.
21Shares’ ETF filing also puts pressure on other asset managers. Bitwise recently submitted an application for a spot NEAR ETF, while other tokens like XRP, Cardano, and Binance Coin are gaining attention for potential listings. The ETF race among altcoins is officially underway.
The SEC’s recognition of the Dogecoin ETF marks a symbolic shift. Once dismissed as a joke, Dogecoin now appears poised to enter the realm of serious, regulated financial products.
