Dogecoin (DOGE) Price Falls to Its Lowest Point Since October 2024, Hitting $0.13

Dogecoin price dropped to its lowest level since October 2024 on Saturday, reaching $0.13 amid a broader cryptocurrency market downturn.

Dogecoin has fallen back to November price levels of around $0.15 as it erases gains made during the U.S. election period.

The potential approval of a spot Dogecoin ETF could be a market catalyst.

Dogecoin price dropped to its lowest level since October 2024 on Saturday as the popular memecoin faces significant selling pressure.

This comes as 21Shares filed for an exchange-traded fund (ETF) to trade Dogecoin in the U.S.

Dogecoin Price Drops to November Levels

Dogecoin price has slid further as several large wallets continue to offload their tokens. Analyst Ali Martinez noted that one billion or more DOGE are held by about 31 wallets, adding that 70.5 billion memecoins are in the hands of Dogecoin whales—those holding one million or more DOGE.

This amounts to about 47% of the entire circulating supply of the memecoin.

"Dogecoin price has dropped to November price levels of around $0.15. This price level previously acted as support in March, but it remains to be seen if it will continue to hold throughout Q2."

Recently, there has been speculation about the possibility of the U.S. Securities and Exchange Commission (SEC) approving an ETF to trade Dogecoin in the U.S.

21Shares applied for approval to launch a Bitcoin ETF in 2023, but its application was rejected by the SEC in March 2024.

Now, 21Shares is seeking approval to launch a Dogecoin ETF.

This move positions 21Shares alongside Grayscale and Bitwise, both of whom filed applications for a U.S. spot Bitcoin ETF in Q1 2025, kicking off the race for the first U.S. spot memecoin ETF.

The news comes as crypto derivatives exchange FTX Japan announced on April 5 that it will delist all Dogecoin pairs on April 9.

The move positions 21Shares alongside Grayscale and Bitwise, both of whom filed applications for a U.S. spot Bitcoin ETF in Q1 2025, kicking off the race for the first U.S. spot memecoin ETF.

Dogecoin ETF Approval Odds

Current market sentiment suggests moderately positive odds for a DOGE ETF approval.

Bloomberg ETF analysts James Seyffart and Eric Balchunas estimated a 75% chance of approval back in February.

Prediction platform Polymarket currently shows bettors pricing a 64% approval chance for a DOGE ETF in 2025.

This relatively high probability reflects growing confidence in regulatory acceptance of cryptocurrency investment vehicles.

The potential approval of such an ETF could be a market catalyst. If approved, this might stimulate institutional demand and provide a path to price recovery for the memecoin.

21Shares has already launched a Dogecoin Exchange-Traded Product (ETP) on the SIX Swiss Exchange (CRYPTO: SIX) under the trading symbol DOGE.

This regulated product provides both institutional and retail investors in Switzerland, Liechtenstein, and the European Economic Area with convenient access to Dogecoin through a physically backed structure.

This ETP is fully backed by underlying Dogecoin cryptocurrency, offering investors a transparent and efficient way to invest in the memecoin.

Its units will trade on the SIX Swiss Exchange as the primary listing, with additional listings planned on other European exchanges.

This launch marks a significant step in expanding investment opportunities in cryptocurrencies.