- The odds of spot Ether ETF getting approved in the United States have dramatically increased fueled by the changing political climate ahead of the general elections.
- The approval of spot Ether ETFs in the US will open possibilities for other altcoins with similar operations to apply for spot ETFs.
The notable hype on spot Ethereum (ETH) exchange-traded funds (ETFs) in the United States has influenced significant frenzy on other altcoins, mostly those with a similar business structure and vibrant community. The approval of spot Ether ETFs in Hong Kong has largely demonstrated that there is a huge demand for altcoins not only from retail traders but also from institutional investors.
The approaching United States general elections have forced the majority of the candidates seeking elective positions to support the crypto agenda as shown by the overwhelming support of the FIT21 bill on Wednesday. Moreover, crypto investors in the United States have surpassed more than 50 million, thus making them a solid voting bloc.
Top Altcoin to Benefit from the Spot Ethereum ETF Issue
According to a popular crypto analyst alias HORSE on the X platform, the approval of spot Ether ETF will trigger one of the largest altcoin rallies in the coming months. Furthermore, the altcoin industry, excluding Ethereum, experiences high volatility, thus attracting more speculative traders.
Specifically, the crypto analyst believes the inevitable approval of spot Ether ETFs will heavily pump Elon Musk-backed Dogecoin (DOGE). The virtue that Dogecoin is the top meme coin traded globally with deep liquidity on most decentralized financial (DeFi) platforms, more institutional investors will add it to their portfolios.
As Crypto News Flash previously pointed out, Dogecoin topped the MEMECOIN Index by VanEck’s MarketVector with about 30.77 percent. Most market pundits believe the meme coin industry will dominate this crypto bull cycle due to the enhancement in smart contracts and ready liquidity on various DeFi platforms.
Old levels still there. With an $ETH ETF about to possibly send alts to the stratosphere, the legendary dog is sitting in a really nice area for long r:r$DOGE pic.twitter.com/WxDKw0Y3at
— HORSE (@TheFlowHorse) May 20, 2024
Dogecoin (DOGE) Market Picture
As a veteran meme coin secured by the legendary Proof of Work consensus mechanism, the Dogecoin network has attracted over 7.3 million holders who have transacted more than 333 million times. The large-cap altcoin, with a fully diluted valuation of about $23 billion, had a daily average traded volume of around $1.4 billion as of this writing.
The prospects of the Dogecoin network being integrated with the X platform for payments remain extremely high. Moreover, the X platform has obtained more than 22 money transmitter licenses in various jurisdictions in the United States.
From a technical standpoint, DOGE price against the US dollar has completed the retest of the bullish breakout from the macro-falling logarithmic trend established in the past two years. The meme lord established a solid support level of around 14 cents in the past two months and has since rebounded over 20 percent in the past weeks.
In case the altcoin industry continues with the bullish outlook, DOGE price will reach the liquidity range between 27 cents and 32 cents soon, which coincides with the daily 2.618 and 3.618 Fibonacci Extension. As of this writing, DOGE price hovered around $0.167, up over 7 percent in the last five days.
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