Nasdaq has filed an application with the US Securities and Exchange Commission (SEC) to list the 21Shares Dogecoin ETF. The move has sparked speculation about the ETF’s potential to drive up the price of DOGE and influence the dynamics of the crypto market.

Nasdaq is applying to list the 21Shares Trust, providing direct exposure to Dogecoin (DOGE) without leverage or derivatives, with Coinbase Custody Trust serving as the authorized participant.

This filing follows S-1 listings by 21Shares and the House of Doge, the corporate arm of the Dogecoin Foundation, in April to launch a Dogecoin ETF.

The SEC has set June 15 as the deadline for its decision on the Dogecoin ETF filings by Bitwise and Nasdaq.

If approved, the ETF will allow institutional and retail investors in the U.S. to invest in DOGE through a regulated channel, aiming to increase the cryptocurrency’s legitimacy and adoption.

ETFs could bring an additional $12 billion to $20 billion in inflows to crypto, according to analysis by Stone Ridge, especially if the Fed pivots to lower rates.

If these inflows went to Bitcoin, then DOGE could receive an additional $12 billion to $20 billion.

With DOGE’s current market capitalization of around $24 billion, such an injection of funds could double or even triple DOGE’s market value.

These estimates suggest that the price of DOGE could increase by up to $0.34 to $0.50 if it receives such inflows.

This reflects a potential gain of 95% to 190% from the current price. However, it is important to consider that these projections are speculative and depend on various market factors, including investor demand and macroeconomic conditions.

Following the ETF filing by Nasdaq, the price of DOGE rose 2.3% in the last 24 hours, breaking through the $0.17 resistance level (approx. IDR 2,784).

In the past week, DOGE recorded a 5% gain, surpassing the performance of Bitcoin and Ethereum in the same period.

The increased trading volume indicates the market’s anticipation of the potential ETF approval and its impact on DOGE’s price.

Market analysts note that the ETF approval could change the perception of DOGE from a mere “meme coin” to a legitimate investment asset in institutional portfolios.

This could increase the adoption of DOGE among investors who have previously been reluctant to invest in cryptocurrencies that lack structured investment products such as ETFs.

The approval of the Dogecoin ETF could also pave the way for similar ETFs for other cryptocurrencies, such as Ripple (XRP) and Stellar (XLM). However, it is important to consider that ETF approval does not guarantee sustained price increases.

Factors such as government regulations, global economic conditions, and overall market sentiment still play a significant role in determining the direction of cryptocurrency prices.