Altcoin
First Dogecoin ETP Has Just Been Launched, Can DOGE Price Rally 100% In Response
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
As Bybit picks up the pieces from its jarring security breach, the Ethereum (ETF) community has been buzzing with speculation over the network’s future. One side of the divide makes a case for a blockchain rollback designed to eliminate malicious transactions, while the purists argue that the move will “kill” Ethereum’s credibility.
Forging Ahead With a Rollback
BitMEX co-founder Arthur Hayes has declared support for a rollback for the top layer 1 network, pitching his tent on the premise of Ethereum’s hard fork in 2016. For Hayes, since the network has undergone a previous hardfork, a rollback to stifle the ability of North Korean hackers to use stolen assets should be an easy choice for validators.
Samson Mow, Jan3 CEO, endorsed the proposed rollback in conversations with Ethereum co-founder Vitalik Buterin. Mow’s theory proposes the $ETH ticker for the rolled-back chain and renaming the current chain $ETHNK, urging Coinbase and other exchanges to delist the token from their platforms.
While the debate rages on, hardliners in the Ethereum community may be swayed by claims that the stolen ETH by state-sponsored hackers will be used to fund North Korea’s nuclear weapon programs. The $1.5 billion pilfered from the Bybit hack surpasses previous security breaches in scale, dwarfing the top five biggest hacks of 2024 by a country mile.
A blockchain rollback is an event that reverses confirmed transactions on a network to a previous state. Traditionally, the concept involves chain deployment after security breaches, and it takes several forms, including forks and chain reorganizations.
Ethereum Community Against The Rollback
Amid the Bybit hack, blockchain proponents in the Ethereum community are adopting a hard stance against a rollback proposal, citing the grim potential of eroding Ethereum’s credibility in the grand scheme.
“A rollback can only happen if you split the chain. Ethereum’s reliability and neutrality would be at risk,” said pseudonymous crypto trader Borovik on X. “This should never happen, under no circumstances.”
Borovik’s argument has received support from Bitcoin proponent Jimmy Song, who notes that the Bybit incident is significantly different from 2016’s DAO hack. Song’s claim against a rollback hinges on the fact that the Bybit hack is a settled affair, while the DAO hack took a month to execute.
“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” said Song
Aliyu Pokima
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.
XRP price has continued its bearish consolidation as Ripple community investors continue to weigh the impacts of the recent Bybit hack. Against some visible trends, XRP has maintained its price drawdown but has stayed above the $2.5 mark despite the massive selloff. In light of this crypto technical analysis platform, More Crypto Online, the coin remains neutral and indecisive. This outlook has introduced a major twist in the expectation that the coin could hit $250 in the near long term.
XRP Price Trading Within Very Tight Range
According to an update on X More Crypto Online, XRP remains rangebound, holding above the invalidation point at $2.47. At the time of writing, the coin was changing hands for $2.592, down by 0.63% in the past 24 hours. The coin has moved from a low of $2.512 to a high of $2.597 before settling at the current level.
Per the analytical platform, the bullish structure of XRP remains technically intact despite the latest offsets. However, the current outlook shows the coin has not made a major move to break above the resistance point at $2.8. This implies the coin will likely see the bearish scenario play out for a few more days.
The analysis outfit issued two primary price levels for traders to watch. This includes the $2.47 invalidation level and the $2.75 breakout zone. Breaching these two levels can imply a further dropdown or rally for the coin.
Is the $250 Price Target Still Feasible?
In an earlier XRP price analysis, CoinGape reported that market analyst XRP Captain predicted the coin may hit $250 between now and 2026. This forecast is hinged on the premise that Ripple whales were accumulating the coin rapidly.
While analysts are generally optimistic regarding Ripple, this is by far the most ambitious projection for the coin. As reported earlier, the influence of the coin’s supply was showcased as a major bane toward achieving this massive projection.
However, the environment remains promising, considering the pro-crypto outlook of the United States government.
Ripple Lawsuit Impact
Bringing the Ripple Labs versus United States Securities and Exchange Commission (SEC) lawsuit is key to the future of the XRP price. Earlier, Coinbase and the US SEC agreed to dismiss their lawsuit, which is pending the commission’s approval. The community is optimistic that the Ripple Labs lawsuit will be the next in line to be dismissed.
Beyond this, the impact of the potential XRP ETF approval on the coin’s price is also profound. Despite the effects of the Bybit hack and the current consolidation, the optimism for a massive breakout is high.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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.
Litecoin whales have shaken the crypto market to its core on Saturday, embarking on a massive buying spree amid the latest ETF advancement. Renowned crypto analyst Ali Martinez revealed that these whales accumulated nearly 1 million tokens over the past two weeks. Investors are eyeing this as a highly bullish event, given that the market has also seen Canary Capital’s LTC ETF on the Depository Trust & Clearing Corporation (DTCC) recently.
Litecoin Whales Buy Heavily, Investors Bullish Amid ETF Development
According to an X post by Ali Martinez on February 22, Litecoin whales acquired 930,000 tokens in the past two weeks. This data reverberated substantial market optimism for the crypto, underscoring heightened buying pressure despite the broader market turbulence.
Notably, crypto whales are large-scale investors with considerable trading experience in the market. Their trade maneuver to accumulate coins surfaces as bullish news, underlining market confidence in the token’s potential to gain on the back of recent developments.
Canary Capital’s ETF Emerges On DTCC
The latest ETF development for the token has solidified hopes of an approval ahead. CoinGape reported that Canary’s LTC ETF appeared on the DTCC platform under the ticker LTCC this week. This saga has solidified investor bullishness as an exchange-traded product backed by the crypto may be available soon.
Also, renowned ETF analyst Eric Balchunas further anticipated that there is a 90% chance of approval in 2025. The Litecoin whale accumulations amid this bullish event have further boosted the coin’s market sentiment, indicating potential gains ahead.
LTC Price Eyes Rally?
However, despite the massive buying, LTC price tanked over 5% on Saturday, closing in at $128.13. The coin hit a bottom and peak of $123.93 and $139.86 in the past 24 hours. The weekly chart for the token also illustrated a 3% drop. This waning action primarily falls in with the broader crypto market volatility.
Nevertheless, renowned crypto trader Carl Moon took to X, revealing that a $143 price target looms for the token. As per Carl, LTC is forming a bullish flag on lower timeframes, signaling an uptrend ahead. The significant buying pressure brought by Litecoin whales further supports this bullish prediction.
Crypto market traders and investors thoroughly monitor the token, reflecting optimism amid recent ETF developments and strong whale support.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
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