Monday’s broader market pullback has resulted in a 5.50% drop in the Dogecoin price, now trading at $0.22.
This is despite Grayscale’s updated S-1 filing, which indicates active ongoing communications between the SEC and issuers regarding an imminent approval of spot DOGE ETFs.
The Dogecoin price dip has more to do with the macroeconomic outlook and the ongoing deleveraging in the broader crypto market, rather than the meme coin’s own fundamentals.
Analysts point out that DOGE has several strong support levels just below its current price, which would present excellent buying opportunities for sidelined investors.
In fact, prominent analyst Ali Martinez highlights that the Tom DeMark Sequential indicator has already flashed a buy signal for Dogecoin in the hourly chart, which could indicate a short-term relief and another potential retest of the key $0.24 resistance level.
Low-cap DOGE-themed tokens are also in high demand. Maxi Doge (MAXI), portrayed as a wilder version of Dogecoin, has quickly raised over $1 million, indicating strong demand. Popular crypto influencers are also tipping MAXI as the next 10x meme coin.
Grayscale’s updated S-1 filing last week indicates that the US Securities and Exchange Commission is involved in active dialogue with the issuers, signalling that a spot DOGE ETF approval is imminent.
The final deadline for the SEC to approve all applications together is 17th October. However, the agency may not wait until the last day to give its green light, considering its new pro-crypto stance.
The Dogecoin price may start to show bullish strength even earlier as smart money investors begin to frontrun an imminent approval. As such, DOGE is expected to be one of the top performers in the upcoming altseason and could see strong ETF inflows.
Grayscale’s latest S-1 filing, submitted to the SEC’s Division of Corporation Finance, seeks to convert its Dogecoin Trust into a spot Dogecoin ETF, to be renamed the Grayscale Dogecoin Trust ETF ($GDOG) and listed on NYSE Arca.
The ETF will be physically backed by Dogecoin, with Coinbase Custody as custodian, BNY Mellon handling administration, and shares issued/redeemed in 10,000-share “baskets”, using cash-only transactions.
The broader market bearishness has resulted in a sharp drop in the Dogecoin price.
DOGE failed to breach the $0.24 – $0.25 resistance zone, ultimately breaking down below its multi-week triangle.
However, it has plenty of support levels, which present excellent buying opportunities for sidelined investors. For instance, both $0.19 and $0.17 could provide the perfect opportunity for interested buyers to accumulate DOGE.
In the worst-case scenario, Dogecoin could fall to its macro ascending support level, near the $0.16 price point.
Nevertheless, experts remain highly bullish on the top meme coin in the long term, with $1 emerging as a realistic price target. Elon Musk’s renewed public support could potentially push Dogecoin higher as well.
Maxi Doge (MAXI) has emerged as one of the hottest new meme coins on the market.
The MAXI presale has already raised over $1.2 million in its viral presale, thanks to strong whale and smart money investment.
As such, DOGE-themed meme coins tend to be successful, partially because they show a strong correlation with Dogecoin itself.
However, Maxi Doge is unique as a satirical take on crypto degens, with imagery that investors find both relatable and hilarious.
This doge is shredded, has bloodshot eyes and Red Bull in his hands. However, it hasn’t stopped searching for the next 1000x trade as it looks to retire before the age of 22, something that every crypto degen wants.
Beyond its memetic imagery, Maxi Doge has sound fundamentals, which include audited smart contracts and retail-friendly tokenomics. It’s also offering staking rewards at over 240% per annum, which is particularly attractive for small-scale investors.
Simply put, MAXI ticks all the boxes for being the next low-cap meme coin to explode, with many investors already calling it the next 10x meme coin.
Visit Maxi Doge Presale
