21Shares Joins Race for Dogecoin Spot ETF
Key Takeaways
Asset manager 21Shares submitted an application to the U.S. Securities and Exchange Commission (SEC) on April 9, 2025, to launch an exchange-traded fund (ETF) based on Dogecoin (DOGE). With this move, 21Shares joins the list of providers looking to offer a spot ETF for the well-known memecoin—alongside Grayscale and Bitwise. The chances of approval are currently estimated at around 60%. Despite positive signals from institutional market participants, interest from the general public remains subdued.
21Shares Enters the DOGE ETF Race
With 21Shares’ application, the race for the first spot Dogecoin ETF in the U.S. is heating up. Grayscale and Bitwise had already submitted similar applications in the first quarter of 2025. A spot ETF tracks the price of a cryptocurrency directly, unlike futures ETFs, which are based on contracts. For investors, a spot ETF provides more direct access to the underlying asset—in this case, Dogecoin.
What Are the Chances of Approval?
In February 2025, Bloomberg analysts James Seyffart and Eric Balchunas estimated the approval probability of a DOGE ETF at 75%. On the betting platform Polymarket, the probability was at a similar level at the time. It is currently trading at 64%. This indicates that the market remains optimistic, although expectations have slightly declined.
Market Data: Mixed Signals Despite ETF Optimism
A look at on-chain data reveals a mixed picture:
- Miner Activity: Since March 2025, DOGE miners have increased their holdings from 831 million to 907 million tokens. This suggests confidence in a positive price trend.
- Large Investors: Wallets holding over 1 billion DOGE have been selling continuously since December 2024—a bearish signal.
- Social Activity: Interest on social media platforms and the number of active users remain low. This indicates limited participation from the general public.
Price Trend: Support at $0.15
The DOGE price is currently around $0.15—a level that already acted as support in March. If this area fails to hold, a drop to $0.10 or even $0.06 could follow. On the other hand, a rise above the 200-day moving average at $0.25 could give the bulls the upper hand again.
What Does This Mean for You?
An approved DOGE ETF could significantly simplify access to Dogecoin for both institutional and retail investors. This, in turn, could lead to increased demand. However, current data shows a lack of confidence among large wallet holders. In the short term, the situation remains uncertain. If you’re considering investing in DOGE, keep a close eye on regulatory developments and key price levels.
You should read that too:
-
Asian Slots – The Best Asia-Themed Online Slot GamesReading time: ~ 3 minutes
-
Best PayPal Online Casino Sites
Reading time: ~ 3 minutes
-
Versus Odds B.V. Casinos
Reading time: ~ 3 minutes
-
Low Volatility Slots
Reading time: ~ 3 minutes
-
Easter Slots – Best Easter-Themed Slot Games
Reading time: ~ 3 minutes
Our Assessment
21Shares’ entry intensifies the competition for the first Dogecoin spot ETF in the U.S. The chances of approval are realistic, but not guaranteed. While miners are acting optimistically, large investors and retail traders remain cautious. For you as an investor, this means: closely monitor the price trend and the SEC’s decision. An ETF could bring new momentum—but only if the market environment supports it.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | $0.18 |
| 24h % | 4.95 % |
| 7d % | 17.07 % |
| 30d % | -10.72 % |
| 60d % | -21.10 % |
| 1y % | 21.67 % |
| Market Cap | $27,135,088,374.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
Advertising transparency