Dogecoin’s price is rallying ahead of the expected launch of the Rex-Osprey Spot DOGE ETF in the U.S.
- Dogecoin price is rallying as the first spot ETF is expected to launch this week
- Traders put the odds of the Rex-Osprey Spot DOGE ETF approval at 91%
- ETF approval is a major bullish signal for Dogecoin
Dogecoin’s (DOGE) price is rallying on the likely approval of its first spot ETF. On Tuesday, September 9, Dogecoin’s price rose 5% to a daily high of $0.2471 before stabilizing at $0.2465. Fueling its price increase is the expected approval of the Rex-Osprey Spot Dogecoin ETF (DOJE).
The U.S. Securities and Exchange Commission is set to approve the ETF this week, as early as Tuesday, September 9. If not, the SEC has a fallback window through September 13 to make the decision. This is according to ETF Store president Nate Geraci, an expert on ETF investments.
Whether or not the SEC makes the decision as early as possible, market sentiment about it is high. Currently, Polymarket traders are assigning a 91% probability to a Dogecoin ETF approval in 2025.
Can Dogecoin’s price reach $1?
So far, most traditional traders have seen Dogecoin as a joke investment. However, with an ETF approval, this perception could rapidly change. Dogecoin has the advantage of an active community and a decentralized ecosystem that could make it attractive to traders.
For one, crypto analyst XForceGlobal says the DOGE price charts point to a “textbook 5-wave move” since inception. The latest cycle could finish with an all-time high for DOGE, with a “realistic” target around $1.
Still, even REX, in its filing for the DOGE ETF, warned investors of substantial risks associated with Dogecoin investments. REX warned that its price is subject to “rapid price swings, changes, and uncertainty.”
