Launching a Dogecoin ETF to help DOGE price avoid dropping to $0.07?

Optimism about the upcoming launch of the Dogecoin ETF has attracted attention from market participants, especially as the altcoin ETF market is heating up.

This comes as the broader cryptocurrency market has just recorded heavy losses since yesterday, wiping out nearly $280 billion in just the past two days.

DOGE’s price is no exception, having seen a significant decline amid the recent market sell-off. However, despite this drop, the cryptocurrency has managed to hold above the $0.13 support level.

Amid this situation, a well-known analyst has hinted at the risk of Dogecoin’s price falling below $0.10, or even lower. He also noted that DOGE needs to reclaim an important upcoming support level to avoid this decline.

With that assessment, investors are evaluating whether institutions might be able to “rescue” this leading meme coin.

To clarify, the launch of the Dogecoin ETF next Monday could boost the meme coin’s appeal among traders, thereby helping the asset to recover strongly.

Dogecoin ETF Launch Becomes Market Focus

The cryptocurrency market has just witnessed a stir as Grayscale’s Dogecoin ETF, with the ticker GDOG, prepares to launch on the New York Stock Exchange (NYSE).

The launch is scheduled for Monday, November 24.

Ra Grayscale Dogecoin ETF launch | Source: Eric Balchunas, X Meanwhile, Bloomberg ETF analyst Eric Balchunas has confirmed this information, also highlighting the growing institutional interest in altcoin-focused funds. He also stated that Grayscale will launch an XRP ETF on Monday and that the Grayscale Chainlink Trust (GLNK) will “be coming soon.”

This development follows the recent approval of the 21Shares 2X Long Dogecoin ETF for listing on Nasdaq under the ticker “TXXD.” This new fund aims to provide leveraged exposure to Dogecoin, allowing investors to gain double the daily performance of the meme coin, after fees and expenses.

The launch of the Dogecoin ETF is part of a broader trend, as institutions are increasingly betting on altcoin-focused funds.

Besides DOGE, coins like XRP, SOL, Chainlink, and many other altcoins are also attracting significant attention, with multiple ETFs in the pipeline.

DOGE Price Drops, Will It Fall Further?

Despite the “hype” surrounding the Dogecoin ETF, DOGE’s price remains in negative territory. Market experts believe the meme coin’s latest decline is due to a broader crypto market pullback this week.

Additionally, the total market cap of the broader meme coin sector has dropped nearly 3% to $38.42 billion at the time of writing.

However, Dogecoin’s price is still trading near the sideways level at $0.1383, with trading volume down 19% to $2.85 billion.

The cryptocurrency has posted a 24-hour high and low of $0.1431 and $0.1341, respectively. Meanwhile, with the $0.14 support level breached, a well-known analyst has sparked speculation about the possibility of the meme coin’s price continuing to fall significantly.

Specifically, in a recent post on X, analyst Ali Martinez said that if DOGE’s price fails to reclaim the $0.14 mark, it could drop as low as $0.07.

Ph DOGE price analysis | Source: Ali Martinez, X Given these developments, investors are closely monitoring Dogecoin’s recent performance, especially with the heightened excitement around the upcoming ETF launch.

Mr. Giao