Dogecoin (DOGE) has slipped to $0.1749, and its market cap stands at $25.95 billion. The meme coin’s price has faced some pressure as traders react to broader market trends and possible shifts in sentiment. However, a major development could shift things in DOGE’s favor.

NYSE Arca has begun the process of listing a Dogecoin ETF, applying for approval of its 19b-4 proposal. This move would provide investors with direct exposure to the cryptocurrency in a regulated setting, making it more accessible to traditional markets.

The ETF, which will be sponsored by Bitwise Asset Management, will be structured as a Delaware statutory trust. Unlike some crypto funds that use derivatives, this ETF will hold Dogecoin directly, ensuring its value is closely tied to the CF Benchmarks pricing index. The structure of the trust will focus on efficiently tracking the price of DOGE while covering operational costs, aiming to boost long-term demand.

In other news, the majority of traders on Binance Futures are betting on Dogecoin’s price moving higher. According to crypto analyst Ali Martinez, 82.16% of traders on the platform have opened long positions, anticipating an increase in the cryptocurrency’s value.

However, to avoid further declines, Dogecoin needs to maintain support at $0.17. If it holds at the lower boundary of its trading channel, it could set the stage for a strong rebound, potentially pushing the cryptocurrency toward $2.74, as Martinez points out.

As the ETF filing gains attention and technical indicators emerge, investors will be closely following Dogecoin’s price movements in the coming weeks.

Want to Invest in Other Meme Tokens? Check Out Our Guide to the Best Meme Coins to Buy

Stay Updated: Join Benzinga's Telegram Channel for the Latest Crypto News

Image Credit: Dmitry Demidov via Unsplash