DOGE Price Rally on Radar As Grayscale Submits S-1 for Spot Dogecoin ETF

Dogecoin’s native cryptocurrency DOGE is once again on investors’ radar amid the latest developments around the Dogecoin ETF. Market experts believe that DOGE price could be eyeing a rally ahead, reversing from its 9.8% weekly fall. Asset manager Grayscale has submitted an S-1 filing to convert its Dogecoin Trust into a spot ETF.

DOGE Price Could Be Eyeing Quick Gains Ahead

Amid the broader crypto market sell-off, DOGE price has corrected 3.59% today and is currently trading at $0.2640, with daily trading volume dropping 30% to $2.6 billion.

Crypto analyst Trader Tardigrade highlighted that Dogecoin (DOGE) has formed a second descending triangle pattern on the 4-hour chart, with a horizontal trendline providing support and a descending trendline acting as resistance. The analyst noted that traders will be watching closely to see if DOGE can replicate a breakout similar to previous moves.

As per the image above, following the breakout from the descending pattern, the DOGE price breakout could lead to a potential rally to $0.38.

Furthermore, Dogecoin’s weekly chart shows the meme coin is attempting to break above the Ichimoku cloud, a key trend indicator. Trader Cantonese Cat noted that the last time DOGE cleared this zone, it triggered a major rally, fueling speculation that a similar move could unfold again.

Grayscale Files S-1 for Dogecoin ETF

Looking beyond Bitcoin and Ethereum, digital asset manager Grayscale has filed an amended S-1 registration with the U.S. Securities and Exchange Commission (SEC) to convert its Dogecoin Trust into a spot ETF. If approved, the fund would trade on NYSE Arca under the ticker GDOG, BlockBeats reported.

The filing marks another step in Grayscale’s push to broaden crypto access through regulated products. NYSE Arca had already applied to list the Grayscale Dogecoin Trust, and the updated submission moves the proposal closer to possible approval

Furthermore, the launch of the Rex-Osprey DOGE ETF (DOJE) has ignited market sentiment, which could lead to the launch of a spot ETF. Experts predict the SEC approval for the DOGE ETF to come as soon as October.

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