TLDR
- 21Shares has joined Bitwise and Grayscale in filing for a U.S. spot Dogecoin ETF
- Current prediction markets show a 64% chance of DOGE ETF approval in 2025
- Dogecoin reached a low of $0.13 on April 7, 2025, the lowest since October 2024
- Whale investors have sold approximately 1.32 billion DOGE tokens (worth $190 million) in recent days
- 21Shares launched a Dogecoin ETP on the SIX Swiss Exchange, partnering with House of Doge
Dogecoin has experienced significant price volatility in recent weeks, with the popular meme cryptocurrency dropping to $0.13 on April 7, 2025, its lowest level since October 2024. This price decline comes as major holders, known as “whales,” have been selling large quantities of DOGE amid broader market uncertainty.
The recent sell-off saw whale investors offload approximately 1.32 billion DOGE tokens, valued at around $190 million, over just a 48-hour period. This massive liquidation has created downward pressure on Dogecoin’s price, which currently sits around $0.15 after a recent 9% rebound.
Despite the current market challenges, institutional interest in Dogecoin appears to be growing. On April 9, 21Shares submitted a filing to the U.S. Securities and Exchange Commission (SEC) requesting approval to launch a Dogecoin spot ETF. This makes 21Shares the third company to join the race for a U.S. spot Dogecoin ETF, following earlier filings by Grayscale and Bitwise in Q1 2025.
ETF Approval Odds and Market Sentiment
Prediction markets are currently pricing a 64% chance of DOGE ETF approval in 2025, down from the 75% odds forecasted by Bloomberg ETF analysts James Seyffart and Eric Balchunas back in February. The approval of a spot Dogecoin ETF could potentially attract institutional investors and provide a catalyst for price recovery.
Market sentiment around Dogecoin remains mixed. Miners have been accumulating DOGE since March, increasing their holdings from 831 million to 907 million tokens. This accumulation stands in contrast to their selling activity between December and February.
However, social volumes and active user metrics remain muted, suggesting retail investors have shown limited interest in the meme cryptocurrency during the recent market downturn.
The largest wallet holders, those owning over 1 billion DOGE, have continued to dump their tokens since December. This selling pressure from major holders could limit Dogecoin’s recovery potential in the near term.
New ETP Launch and Institutional Developments
In a separate development, 21Shares announced a partnership with House of Doge, the corporate arm of the Dogecoin Foundation, to launch a Dogecoin ETP in Europe. The product is now trading on the SIX Swiss Exchange under the ticker symbol “DOGE.”
The newly launched ETP provides both institutional and retail investors with a regulated product that allows them to gain exposure to Dogecoin through traditional financial channels. The ETP is physically backed, meaning it holds actual DOGE tokens as its underlying asset.
For its proposed U.S. ETF, 21Shares has again partnered with House of Doge, which will help market the fund. Coinbase will serve as the fund’s custodian.
Technical Analysis and Price Outlook
On the price charts, Dogecoin has erased all gains made during the U.S. election period and has returned to November levels of around $0.15. This price level acted as support in March, but it remains to be seen if it will hold throughout the second quarter of 2025.
Some technical analysts see positive signs in recent price action. Crypto analyst Kevin Capital identified a bullish divergence on the daily timeframe, which could potentially spark a positive reversal. Another analyst, Trader Taridigrade, suggests Dogecoin has undergone a “spring” of Wyckoff accumulation, indicating that an upward trend could soon begin.
If the $0.15 support level fails to hold, Dogecoin could potentially drop to $0.10 or even $0.06. Conversely, if bulls regain market momentum, they would need to reclaim the 200 Daily Moving Average above $0.25 to establish a more positive trend.
The cryptocurrency market as a whole has shown some signs of recovery following Donald Trump’s announcement of a 90-day pause on reciprocal tariffs, which has provided some relief to risk assets including cryptocurrencies.
The coming months will be crucial for Dogecoin as market participants closely monitor whale behavior, ETF developments, and broader market conditions to determine the meme coin’s trajectory for the remainder of 2025.
