The conversation surrounding Dogecoin may be gradually shifting, and recent market developments suggest that the meme coin could be poised to reach new all-time highs. The most recent development involves Nasdaq submitting a 19b-4 form to the U.S. Securities and Exchange Commission (SEC), seeking approval to list and trade shares of the 21Shares Dogecoin ETF. This follows 21Shares’ earlier S-1 registration filed on April 10, which aims to offer investors regulated access to DOGE.

On Tuesday, Nasdaq filed a 19b-4 form with the SEC to list and trade shares of the 21Shares (CRYPTO: FTX) Dogecoin ETF. This submission builds upon 21Shares’ earlier S-1 registration, which not only laid out the structure of the proposed ETF but also revealed an “exclusive” partnership with the House of Doge.

The ETF cannot be launched without final approval from the SEC. However, Nasdaq’s 19b-4 filing marks a critical milestone in the regulatory process. It represents the second and final formal step required to propose a spot cryptocurrency ETF for review. Once the SEC acknowledges the filing, it will be published in the Federal Register, and the official review period will commence, during which the agency will consider whether to approve, reject, or delay the decision.

This ETF, if given the green light, would allow institutional investors to gain exposure to DOGE through a regulated financial product, thereby opening up the meme coin to large capital flows.

For Dogecoin to reach $10, it would require a massive expansion in its market capitalization, an outcome that once seemed entirely out of reach. Dogecoin has been the subject of various technical analyses of price rallies, with targets even exceeding $10. Now, a growing momentum around a spot Dogecoin ETF and rising institutional interest provide strong backing.

One of the strongest indicators that such a leap is not impossible lies in the precedent set by Bitcoin. When the Spot Bitcoin ETFS were finally approved in early 2024, they triggered a surge of capital inflows from both institutional and retail investors. Dogecoin, the king of meme coins, is now positioned to follow a similar route.

Although the $10 may not happen overnight, the path to this target is becoming clearer with developments like this Nasdaq ETF filing.

The SEC is currently reviewing multiple filings related to the listing of Spot Dogecoin ETFS, with funds such as Bitwise also seeking approval. In total, there are about 70 applications for crypto ETFs being reviewed by the SEC. According to analysts at Bloomberg, there is a 75% chance of approval of a DOGE ETF in 25.

At the time of writing, Dogecoin is trading at $0.174.