21Shares has taken another step toward launching the first-ever spot Dogecoin (CRYPTO: DOGE) ETF, with Nasdaq now filing the 19b-4 form to list and trade the fund.

This stage follows the initial S-1 registration filed by 21Shares on April 9, which also announced an exclusive partnership with the House of Doge to develop Dogecoin-backed financial products.

Why Is the Regulatory Climate More Favorable Now?

The political and regulatory landscape has shifted significantly in 2025. Following Paul Atkins' appointment as the new SEC Chairman by President Donald Trump, the SEC has shown a distinctly pro-crypto attitude.

Atkins has openly criticized the previous administration's approach, which he blames for stifling innovation through excessive regulatory hurdles.

This new leadership has already paved the way for several spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024. Analysts believe this friendlier atmosphere greatly improves the odds for altcoin ETFs, especially Dogecoin, which Bloomberg analysts gave a 75% approval probability earlier this year.

How Likely Is the Approval of a Dogecoin ETF?

Given the SEC’s recent history of approving Bitcoin and Ethereum ETFs—not to mention the Trump administration's openly favorable stance toward crypto—there's a strong possibility that a Dogecoin ETF could be greenlighted within months.

Bloomberg Intelligence projected a 75% chance of approval for Dogecoin ETFs, trailing only Litecoin at 90%. The approval process still involves a critical review period once the 19b-4 filing is acknowledged and published in the Federal Register.

Assuming no major setbacks, the earliest potential approval could come later in 2025.

What Impact Could This Have on DOGE Price?

Historically, ETF approvals for crypto assets have had a bullish impact on their respective token prices. When the spot Bitcoin ETFs were approved in early 2024, Bitcoin's (CRYPTO: BTC) price surged by over 40% in a few weeks.

If Dogecoin's ETF gets approved, it could trigger a similar rally, especially given its current modest price around $0.18. A successful Dogecoin ETF would not only attract institutional investors but also reignite retail interest in the meme coin.

This could push DOGE back toward its previous all-time highs and beyond. Conservative projections suggest that an ETF launch could drive DOGE to $0.30-$0.40 initially, with further upside if the broader crypto market remains bullish.

Is Dogecoin Ready for Prime Time?

Created in 2013 as a joke, Dogecoin's enduring popularity, branding, and community have sustained its relevance in the evolving landscape of cryptocurrencies.

Partnering with the Dogecoin Foundation and House of Doge provides further credibility and infrastructure around the project, which may be exactly what institutional investors need to get serious about allocating funds into DOGE.

However, investors must remember that Dogecoin remains highly volatile and more meme-driven compared to Bitcoin or Ethereum. Any ETF investment would still carry significant risk, albeit with potentially large rewards if mainstream adoption accelerates.

Final Prediction: Could DOGE Hit New Highs in 2025?

If the 21Shares Dogecoin ETF is approved—which seems likely under the new SEC regime—Dogecoin could see an explosive upside movement.

Considering the historical reactions to ETF approvals and Dogecoin's loyal fanbase, a price rally toward the $0.30-$0.50 range seems plausible by late 2025.

As always in the crypto markets, caution is key. External macro factors, regulatory updates, and broader market sentiment will all play crucial roles in shaping Dogecoin's next big move.