How high can DOGE price go as first Dogecoin ETF goes live?

Key takeaways:

• Dogecoin shifts from a memecoin to a mainstream asset with REX-Osprey’s Dogecoin ETF launch.
• DOGE price bullish megaphone pattern targets $1.40. 

Dogecoin (DOGE $0.2803) price traded at $0.28 on Thursday, up 12% from its local low of $0.25 reached on Tuesday. This recovery is fueled by growing excitement around the launch of the first Dogecoin ETF in the US.

REX-Osprey Dogecoin ETF debut

The REX-Osprey Dogecoin ETF, $DOJE, debuts on US exchanges on Thursday, becoming the first regulated product dedicated to a memecoin. 

Sponsored by REX Shares and Osprey Funds, the team behind the Solana Staking ETF (SSK) earlier this year, $DOJE leverages the Investment Company Act of 1940 for swift approval, bypassing the protracted Securities Act of 1933 process that delayed competitors like Bitwise and Grayscale.

This launch marks a pivotal moment for the memecoin, potentially injecting institutional capital and mainstream legitimacy into DOGE’s volatile ecosystem, according to analysts.

The “first ever DOGE ETF is launching tomorrow,” ETF Store president Nate Geraci said in an X post on Wednesday, adding:

Like I said, the next couple of months will be wild.

“DOGE ETF is set to launch this Thursday in a historic US debut!” said crypto influencer and YouTuber SMC Kapil DEV in an X post.

This transforms Dogecoin from a memecoin to a mainstream asset as “DOGE becomes the first memecoin with its own ETF on Wall Street,” the analyst added.

The US Securities and Exchange Commission is expected to decide on numerous spot ETF applications, including Grayscale’s application to convert its Dogecoin Trust into an ETF. The deadline for the SEC to decide on this application is mid-October.

Polymarket bettors remain optimistic, now placing the approval odds of a spot DOGE ETF in 2025 at 98%.

Overall, $DOJE positions DOGE for a maturation phase, potentially unlocking billions in inflows similar to those seen in spot Bitcoin ETFs and spot Ethereum ETFs post-launch. Analysts say it may translate into massive price gains for DOGE.

Traders set ambitious price targets for DOGE

Dogecoin’s latest recovery and expected capital inflow through DOGE ETFs have led market analysts and traders to set varied price targets based on different technical setups. 

“This week is a massive one for Dogecoin, as we are getting the first-ever memecoin ETF,” analyst Bitcoinsensus said in a post on Monday, adding:

This could trigger a massive influx of fresh capital into $DOGE just like we saw on $BTC and $ETH.

An accompanying chart showed DOGE trading within a bullish megaphone pattern that has previously seen the altcoin post higher percentage gains while trading within the same pattern, with almost every rally beating the last.

The setup suggested that the next wave could potentially lead DOGE prices as high as $1.40, or a 400% increase from the current level.