Prominent crypto analyst Ali Martinez asserts that a Dogecoin ETF will send DOGE price to double-digit price levels.
Amid a joint filing from REX Advisers and Osprey Funds and moves from Bitwise, the crypto space is rife with speculation of a potential Dogecoin (DOGE) exchange-traded fund launch and the possible implications for the meme coin’s price. In particular, one analyst has suggested that a traditional investment wrapper for the doggy-themed meme coin will send its price to double digits.
Dogecoin (DOGE) to $15?
Prominent crypto analyst Ali Martinez has asserted that an ETF will send Dogecoin (DOGE) to double-digit price levels.
In a recent X post, the analyst asserted that a DOGE ETF would push the price to a staggering $15 from about $0.36 at the time of writing. He supported this view with an analysis of the meme coin’s weekly candle chart, which he has often highlighted in recent weeks.
DOGEUSD weekly candle chart showing ascending channel formation Source Ali Martinez
The chart suggests that DOGE has been trading within an ascending channel since at least 2017 and is again moving from the lows of this channel with a $15 price target. Martinez’s statement indicates that he believes an ETF will be the catalyst the meme coin needs to hit this mouth-watering target.
However, reaching this price target will require the meme coin to claim a market cap of $2.2 trillion, about 41 times its current valuation of $53.2 billion. For context, that is currently more than Bitcoin’s market capitalization.
Still, Martinez has maintained that market cap does not matter in crypto, citing the fact that XRP ($183 billion) has a larger market cap than $12 trillion asset manager BlackRock ($158 billion).
Meanwhile, a DOGE ETF may only rake in between $1.6 billion and $3.2 billion in its first year based on a recent JPMorgan analysis of the uptake of Bitcoin and Ethereum ETFs, suggesting a 3% to 6% market cap penetration.
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