Grayscale's Spot Dogecoin (DOGE) ETF Application Remains Under Review by the SEC

The United States Securities and Exchange Commission (SEC) is putting Grayscale’s application for a spot Dogecoin (DOGE) ETF on a longer review track as the agency continues to stall on a final decision.

Grayscale’s application for a spot DOGE ETF remains in the spotlight as the SEC is putting an underwhelming performance in approving new products.

The Payoff From Grayscale’s Persistence Could Be Huge

The Payoff From Grayscale's Persistence Could Be HugeAfter initiating the DOGE Trust in January 2025 and filing for the ETF conversion in March, Grayscale’s application continues to face delays.

The SEC has yet to deliver a final verdict on over 70 altcoin ETF filings, a list that includes not just Dogecoin but also other major coins like XRP, Solana, and Litecoin.

The regulatory agency continues to cite the need for “additional analysis” to ensure compliance with Section 6(b)(5) of the Exchange Act.

This mirrors the slow but ultimately successful path of the spot Bitcoin ETF, which after a lengthy review drew billions in inflows post-approval.

According to current SEC filings, the next decision date for DOGE’s ETF is set for June. However, even this does not guarantee approval.

Polymarket odds of a green light before the end of July have surged to 23%.

This compares to August no-arbitrage puttion parity for the DEFI CHAIN (DEFC) ETF at 20% and September at 17%.

DOGE Price Surges 7.55%

According to CoinMarketCap data over the last 24 hours, Dogecoin’s price rose 7.55% to $0.24082, while its trading volume soared by 62.34% to $3.25 billion.

This surge in trading activity indicates increased interest in the cryptocurrency, which could be linked to the pending decision on the ETF application.

However, technical indicators suggest that traders should prepare for both bullish continuation and possible pullbacks.

As per the chart below, DOGE is currently approaching the 1.618 Fib extension at $0.24501. The next key resistance targets are 2.618 at $0.26200, 3.618 at $0.27899, and 4.236 at $0.28949. A strong breakout above $0.245 could signal continuation toward the $0.26-$0.29 region if accompanied by volume.

Meanwhile, the Relative Strength Index (RSI) stands at 65.50, nearing the overbought zone. The gradient of the line suggests that buyers are gaining control over sellers.

On the other hand, the Balance of Power (BoP) is slightly negative at -0.05. A sustained shift into positive territory would indicate that bulls are gaining control over the market.

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