The likelihood of a DOGE ETF being approved this year has been estimated at 80%, according to Bloomberg analysts.
According to Bloomberg Intelligence, an exchange-traded fund (ETF) tracking the price of Dogecoin’s native asset is more likely to be approved than one for large-cap chains like Avalanche, Cardano, and Polkadot.
In their most recent prediction regarding the chances of various altcoins having a spot ETF approved, the likelihood of the original memecoin, Dogecoin, was placed at 80% by Bloomberg analysts Eric Balchunas and James Seyffart. Avalanche, Cardano, and Polkadot each received a 75% chance.
It wasn’t all negative news for purpose-driven blockchains: A 90% chance was given to Layer 1 (L1) blockchain Solana, as well as Litecoin and several crypto baskets and index fund applications. Hedera was 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, a decision on two proposals for an XRP and DOGE ETF was postponed by the SEC until June, but this still places 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 the departure of former Chairman Gary Gensler, a more positive view of crypto has been adopted by the SEC. Lawsuits regarding the sale of unregistered securities have been ended, and a crypto task force has been established to revise the agency’s rules concerning when cryptocurrencies are considered securities. It has already been stated by the agency that memecoins, such as Dogecoin, are not classified as securities.
A wild year is expected, as stated by Balchunas in a different post on X last week.
Multi-day inflow streaks were seen in both BTC and ETH spot ETFs trading in the U.S. before yesterday, with nearly $1 billion in daily BTC inflows recorded for two consecutive days.
