Santiment analyst expects a 93% chance for a DOGE ETF this week.
REX Shares and Osprey Funds are using a new route for speeding up the approval process.
Dogecoin gained bullish momentum with the news breakout on X.
Santiment analyst Brian Q. shared a bold prediction for the upcoming crypto-related Rex-Osprey exchange-traded fund.
Brian wrote in an analysis for Santiment that REX Shares and Osprey Funds will likely get the approval to launch their REX-Osprey Dogecoin DOGE$0.2424h volatility:3.1%Market cap:$36.34 BVol. 24h:$3.55 B
ETF, with the $DOJE ticker, very soon. He claimed that there’s a 93% chance of confirmation this week.
📊🐶 There is a reported 93% likelihood that the first Dogecoin ETF will be confirmed this week. Our latest insight breaks down how whales are behaving on this news, and how retail FOMO can and will impact an approval rally. 👇https://t.co/vNnl5hjg8Ipic.twitter.com/mz9OJEb6t4
This will not only bring DOGE to the US-based cryptocurrency fans but also allow traditional finance investors to gain exposure to the leading meme coin in the market.
DOGE is up 4% in 24 hours and is currently trading at $0.24. The dog-themed asset has a market cap of $36.4 billion with a daily trading volume of $3.8 billion.
The $DOJE ETF is expected to trigger bullish momentum for the meme coin.
The REX-Osprey Shortcut
According to the analyst, REX Shares and Osprey Funds have found a “faster approval route” for their crypto-based investment products.
It’s called the “40 Act.” As the name suggests, the regulation refers to the US Investment Company Act of 1940, which limits the activities of investment companies by requiring disclosure of information about their structure and operations, excessive borrowing, for example, to protect the investors.
The crypto market cap is still hovering below the $4 trillion mark as leading assets, like BTC, ETH, and most of the altcoins, recorded notable selloffs over the past two weeks.
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Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.