Bloomberg analysts estimate that regulators have an 80% likelihood of approving a DOGE ETF this year.
Bloomberg Intelligence reports that regulators are more likely to approve an exchange-traded fund (ETF) tracking Dogecoin’s native asset than one for large-cap chains like Avalanche, Cardano, and Polkadot.
Bloomberg analysts Eric Balchunas and James Seyffart recently predicted that the original memecoin, Dogecoin, has an 80% chance of getting spot ETF approval. Avalanche, Cardano, and Polkadot each received a 75% chance.
Purpose-driven blockchains received some positive news as analysts gave Layer 1 (L1) blockchain Solana, Litecoin, and several crypto baskets and index fund applications a 90% chance of approval. Hedera tied with Dogecoin, both receiving an 80% chance.
According to Balchunas, more than 70 crypto ETF proposals are currently awaiting SEC approval.
On April 29, the SEC postponed a decision on two proposals for XRP and DOGE ETFs until June, keeping them on track for a resolution.
The SEC’s new crypto-friendly stance suggests that “a TON of alt/meme coin ETFs are likely to hit the market this year,” as stated by Bloomberg’s Senior ETF Analyst on X last week.
Since former Chairman Gary Gensler left, the SEC has adopted a more favorable stance toward crypto. The agency has ended lawsuits related to the sale of unregistered securities and formed a crypto task force to revise its rules on when cryptocurrencies qualify as securities. The agency has already clarified that memecoins, like Dogecoin, do not fall under the securities category.
A wild year is expected, as stated by Balchunas in a different post on X last week.
Both BTC and ETH spot ETFs trading in the U.S. experienced multi-day inflow streaks before yesterday, with daily BTC inflows reaching nearly $1 billion for two straight days.
