Analyst Predicts 93% Chance of Dogecoin ETF Approval This Week
Key Points on REX-Osprey Dogecoin ETF:
- Analyst Brian Q. predicts a 93% chance of approval for the REX-Osprey Dogecoin ETF ($DOJE) this week.
- The ETF aims to provide traditional investors access to Dogecoin (DOGE), currently trading at $0.24, up 4% in the last 24 hours.
- DOGE has a market cap of $36.4 billion and a daily trading volume of $3.8 billion.
- The REX-Osprey funds are using a faster approval route under the US Investment Company Act of 1940.
- REX Shares has previously launched a Solana ETF ($SSK), attracting $195 million in net inflows.
Current Market Conditions:
- The crypto ETF market faces challenges with recent consolidations and selloffs.
- US-based spot Ethereum ETFs experienced net outflows of $96.7 million on Sept. 8.
- Spot Bitcoin funds had over $380 million in outflows but gained $364.3 million in inflows on Sept. 8.
- The overall crypto market cap is below $4 trillion, impacted by selloffs across major cryptocurrencies.