How Are DOGE Whales Reacting to Possible Dogecoin ETF? Santiment Weighs In
The post How Are DOGE Whales Reacting to Possible Dogecoin ETF? Santiment Weighs In appeared on BitcoinEthereumNews.com. Over the past seven days, the likelihood of a Dogecoin exchange-traded fund (ETF) launching in the United States has continued to increase. Considering the potential effects of such development, market participants have begun to position themselves to capitalize on gains. According to a report from Santiment, Dogecoin whales are rapidly accumulating DOGE and absorbing the meme coin’s supply ahead of the ETF launch. While this accumulation spree could have ripple effects on Dogecoin’s value, it could also trigger the fear of missing out (FOMO) among other investors. Dogecoin ETF On the Horizon Analysts predict that the Dogecoin ETF will likely go live this week. Named the Rex-Osprey DOGE ETF, with the ticker symbol DOJE, the fund is issued by the asset managers REX Shares and Osprey Funds. Santiment revealed that the firms are deploying a strategy called the 40 Act, which often leads to faster approval from regulators. The ETF will provide investors with a way to invest in DOGE without directly owning the cryptocurrency. If approved, it will be the first Dogecoin ETF in the U.S., marking a huge step for the meme coin sector. As a result, there is a lot of anticipation and excitement around the fund’s approval, both in the crypto and traditional finance communities. “However, their ‘meme’ status would likely remain intact, as DOGE and essentially every asset in this sector is defined by the intentionally deliberate lack of development activity,” Santiment stated. How Are Whales Reacting? About three weeks ago, when news of the possible launch began to circulate, DOGE reacted positively. A certain group of investors gave in to FOMO and bought the local top at the time. However, as soon as the rumors fizzled out, DOGE retraced its steps until the last few days, when the likelihood of approval rose to 93%.…
The post How Are DOGE Whales Reacting to Possible Dogecoin ETF? Santiment Weighs In appeared on BitcoinEthereumNews.com.
Over the past seven days, the likelihood of a Dogecoin exchange-traded fund (ETF) launching in the United States has continued to increase. Considering the potential effects of such development, market participants have begun to position themselves to capitalize on gains. According to a report from Santiment, Dogecoin whales are rapidly accumulating DOGE and absorbing the meme coin’s supply ahead of the ETF launch. While this accumulation spree could have ripple effects on Dogecoin’s value, it could also trigger the fear of missing out (FOMO) among other investors. Dogecoin ETF On the Horizon Analysts predict that the Dogecoin ETF will likely go live this week. Named the Rex-Osprey DOGE ETF, with the ticker symbol DOJE, the fund is issued by the asset managers REX Shares and Osprey Funds. Santiment revealed that the firms are deploying a strategy called the 40 Act, which often leads to faster approval from regulators. The ETF will provide investors with a way to invest in DOGE without directly owning the cryptocurrency. If approved, it will be the first Dogecoin ETF in the U.S., marking a huge step for the meme coin sector. As a result, there is a lot of anticipation and excitement around the fund’s approval, both in the crypto and traditional finance communities. “However, their ‘meme’ status would likely remain intact, as DOGE and essentially every asset in this sector is defined by the intentionally deliberate lack of development activity,” Santiment stated. How Are Whales Reacting? About three weeks ago, when news of the possible launch began to circulate, DOGE reacted positively. A certain group of investors gave in to FOMO and bought the local top at the time. However, as soon as the rumors fizzled out, DOGE retraced its steps until the last few days, when the likelihood of approval rose to 93%.…
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