The first-ever Dogecoin Exchange Traded Product (ETP) has been officially launched, sparking excitement for a possible DOGE price rally. Combined with several other bullish factors which have fueled the recent surge in the DOGE price, this new ETP positions the top meme coin for a potential 100% increase to new highs.

Valour Launches First Dogecoin ETP

Valour Inc., a DeFi technology subsidiary, introduced a Dogecoin ETP on Sweden’s Spotlight Stock Market. This development marks the world’s first Dogecoin ETP available in Northern Europe, specifically in the Nordic countries.

According to a Press Release published by Valour, the new Dogecoin ETP will effectively expand the DeFi company’s product offerings and audience reach. Currently, Valour provides access to various regulated digital asset ETPs, including Bitcoin, Ethereum, and many of the top cryptocurrencies. 

The company has approximately 40 ETPs on exchanges and $609 million in total Assets Under Management (AUM). With the new Dogecoin ETP, Valour can expand services to new markets and investors, and DOGE is poised to see even greater adoption.

Valour has revealed that the recently launched Dogecoin ETP will grant investors smoother access to the popular meme coin, exposing them to its market performance without the risk or intricacies of direct crypto ownership. 

The Head of Product at Valour, Elaine Buehler, has shed light on the new development, revealing that launching the world’s first Dogecoin ETP marks a significant milestone that aligns with the company’s mission to democratize access to digital assets. Moreover, she expressed excitement about being able to launch a product that “captures the essence” of DOGE’s dynamic community and market presence. 

Can New ETP Drive 100% DOGE Price Rally? 

As of this writing, Dogecoin is trading at $0.39, according to CoinMarketCap. Despite retesting and failing to surpass the $0.4 resistance level, the DOGE price has seen its fair share of impressive gains since the beginning of the month.

These price gains were primarily driven by broader market sentiment and bullish factors, such as the concluded US Presidential elections, SpaceX, and Tesla CEO Elon Musk.

With the introduction of a Dogecoin ETP, which could serve as another significant bullish catalyst, the DOGE price could see a massive 100% rally, representing a surge to $0.78. Many analysts have already projected that DOGE could reach the $1 mark before the end of the year, possibly positioning it as one of the top performing assets in this bull market.

Alongside the bullish sentiment set to generate from the new Dogecoin ETP, Johanna Belitz, the Head of Nordics at Valour, highlighted that the results of the US elections and Musk’s influence have effectively boosted DOGE’s popularity and demand. 

Given that an increase in demand and a reduced supply often drive price surges, DOGE could see further upward momentum if the positive sentiment surrounding the new Dogecoin ETP fuels a rally. 

Featured image created with Dall.E, chart from Tradingview.com

Fantom price has been on a roll with 60% gains on the weekly chart. Smart contract platform Fantom’s native cryptocurrency FTM gained another 10.69% in the last 24 hours, shooting past an important milestone of $1. Also, the daily trading volume has shot up by 68% to $1.4 billion showing strong bullish sentiment.

Fantom Price Rallies 63% Amid Surge in Active Addresses

Just within the last six days, Fantom price has witnessed a remarkable 63% surge along with a notable increase in daily active addresses on the network. This surge is being driven by growing FOMO (fear of missing out) as new traders join the platform.

According to blockchain analytics firm Santiment, these sharp spikes in utility and address activity are often indicative of market tops, as seen in previous trends. As daily active addresses eventually taper off, analysts suggest this could present a strong entry point for potential investors.

Santiment has advised traders to keep a watch on Fantom’s address activity for any signs of a trend reversal. It also advised the traders to asses the broader market sentiment before making fresh moves.

While the Bitcoin price correction has intensified in the last four days, altcoins have also followed suit. However, Fantom price surge over the past week has been defying the market trend.

Will FTM Rally to $15?

Fantom’s upcoming “Sonic” upgrade could significantly influence the FTM token’s future. Investors are keenly observing whether the technological advancements will enhance FTM’s appeal or struggle to maintain its recent momentum as 2024 comes to an end.

The main goal of the “Sonic” upgrade is that developers plan to boost Fantom’s position in the DeFi industry. At one point, during the 2021 bull run, the Fanton DeFi TVL surged all the way to $15. However, it has now dropped to the low of $320 million. The upgrade will help revive Fantom’s position in the DeFi market.

Market analysts continue to stay bullish about Fantom price for the expected 2025 bull run. Crypto market analyst Captain Faibik said that FTM has given a major breakout on the multi-year chart and could rally all the way to $15 i.e. 15x gains from here. As of press time, FTM price is trading at $1.05 with its market cap just short of $3 billion.

$FTM Last Buying Opportunity before the Bullrun 2024-25 !!

Accumulate some for the Long term before it’s too late.

Long term Target : 15$ ✍️#Crypto #FTM #Fantom #FTMUSDT pic.twitter.com/U74jHsiB04

— Captain Faibik 🐺 (@CryptoFaibik) November 27, 2024

In the short term, the next major resistance for Fantom (FTM) is at $1.20 breaking which, it can climb to subsequent targets of $1.62, $2.20, and $2.77.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.