Best Crypto To Buy Now As Bloomberg Puts 75% Odds On Dogecoin ETF Approval This Year

Bloomberg Analysts Predict High Probability of SEC Approval for Spot Dogecoin ETF

Bloomberg analysts have estimated a 75% chance of the Securities and Exchange Commission (SEC) approving a spot Dogecoin ETF this year. The regulator is expected to initiate the approval process this week by acknowledging applications from Grayscale and Bitwise.

James Seyffart, a Bloomberg ETF analyst, predicted these odds on February 10th. He and colleague Eric Balchunas believe the chances of approval for spot Litecoin, Solana, and XRP ETFs to be 90%, 70%, and 65%, respectively.

Political Influence on Crypto Landscape

The prospect of a spot Dogecoin ETF was once considered unlikely. However, Donald Trump's return to the White House and the appointment of Dogecoin supporter Elon Musk as a key aide have sparked optimism in the crypto community.

Spot Litecoin ETF Approval Seen as More Likely

Analysts suggest that a spot Litecoin ETF has a higher chance of approval than Dogecoin due to the SEC already filing and acknowledging its S-1 and 19b-4 forms. They believe both Litecoin and Dogecoin are viewed as commodities rather than securities by the SEC, facilitating their approval.

Timeline for SEC Decision

The SEC has set a final deadline of October 2nd to October 18th this year to make a decision on the ETF applications for LTC, SOL, XRP, and DOGE.

Bullish Market Impact

The approval of a Dogecoin ETF and other crypto ETFs is expected to be bullish for crypto prices. These investment vehicles will likely attract more capital into the ecosystem, similar to how spot Bitcoin and Ethereum ETFs did last year.

Other Cryptos to Watch

In light of a potential Dogecoin ETF approval, analysts have identified several other cryptos that may benefit:

• BTC Bull (BTCBULL): A meme coin that rewards holders with Bitcoin airdrops.
• Solaxy (SOLX): A layer-2 scaling project for the Solana network.
• MIND Of Pepe (MIND): A crypto token with an AI agent that analyzes social media trends.
• Meme Index (MEMEX): A project that offers diversified baskets of meme coins for investment.