Some experts believe that Dogecoin (DOGE) could hit as high as $50 if asset manager BlackRock files for a DOGE Exchange-Traded Fund (ETF) this year.

The prospect of a Dogecoin ETF is arising as the memecoin faces intense selloff pressure in the crypto market. Notably, the Elon Musk-led Department of Government Efficiency (D.O.G.E) that was supposed to fuel a DOGE price rally has not achieved this.

This has created new conversation points for a potential Dogecoin price trigger. With limited smart contract functionalities, analysts believe the prospect of a Dogecoin ETF can revive the memecoin's price outlook in the mid to long term.

Dogecoin Price Catalysts to Watch

As a memecoin, the token has seen immense fluctuations in the past few weeks, down 45.66% in the year-to-date period per data from CoinMarketCap. While the $1 price target feels far-fetched, more ambitious targets are on the horizon should top asset managers like BlackRock push for direct support of the coin.

Many believe that BlackRock, already a dominant force in the spot Bitcoin and Ethereum ETF markets, could introduce a DOGE ETF to continue its hold on the market.

To reiterate its dominance, there is a new Bitcoin ETF allocation to the BlackRock $150 billion model portfolio. With this, proponents believe the asset manager could replicate this strong adoption for a DOGE ETF.

Grayscale Investments has already launched its Dogecoin Trust for institutional investors. Many see this move as a step towards the future asset manager filing for a DOGE ETF. Grayscale said the fund is opened for daily subscription to eligible individual and institutional accredited investors.

As CoinGape reported earlier, the US Securities and Exchange Commission (SEC) has formally acknowledged Grayscale's spot ETF application for Dogecoin. This acknowledgment departs from the SEC's historically rigid stance on altcoin ETFs.

Bloomberg analysts James Seyffart and Eric Balchunas estimate a 75% chance of a Dogecoin ETF approval. Their prediction quickly sparked excitement about DOGE's possible price movements.

Current Dogecoin Price Projection

DOGE price hit a daily high of $0.175 on Friday, following a broader market uptick.

Dogecoin is traded at $0.1741, demonstrating a 2.8% increase in the last 24 hours. However, the daily trading volume has decreased by 13.6% to $1.02 billion, suggesting a reduction in investor activity.

Still, market participants are optimistic about the memecoin. Doge Lord, a Dogecoin enthusiast, forecasted the memecoin could rise to $1 during this cycle.

Others have forecasted that the Dogecoin price could hit $50 in the long term on the heels of a DOGE filing from BlackRock.

While this appears economically impossible, the BlackRock influence might fuel a significant DOGE price rally.

Per the current outlook, the possibility of BlackRock filing an XRP ETF application, let alone DOGE ETF this year is very slim. The asset manager has not filed any other ETFs besides BTC and ETH. The asset manager is likely cautious about altcoin ETFs, which were previously under fire from the SEC.

However, with the SEC now under a new pro-crypto administration, BlackRock may change its stance on altcoin ETFs, which could eventually lead to DOGE ETF acceptance.