Dogecoin price may increase on approval of Bitcoin ETF (op-ed).

TL; DR

Dogecoin's price has shown a positive correlation with Bitcoin, especially during major events related to Bitcoin ETF applications. They include BlackRock's spot Bitcoin ETF filing for a 20% rally in Bitcoin and a similar 36% price increase in Dogecoin, as well as similar price movements following court rulings and SEC rulings. Recent patterns indicate that Dogecoin's price may respond to future developments in the Bitcoin ETF scenario, although past performance does not guarantee future results.

Dogecoin has moved in tandem with Bitcoin.

If the Securities and Exchange Commission finally approves a spot price ETF for the world's oldest and most trusted cryptocurrency, there's a reasonable chance Dogecoin's price will rally with Bitcoin.

Positive Dogecoin price relationship with Bitcoin

BTC rallied more than 20% on crypto exchanges, between $25,500 and $30,749, when $8.5 trillion investment giant BlackRock launched its Bitcoin ETF on June 15. CNBC noted:

“Investors are increasingly optimistic about BlackRock and other major institutional names getting into digital assets.”

Vijay Aiyar, head of CoinDCX, the largest crypto exchange in India, said:

“Bitcoin ETF App Ads Placed by Large Institutions Has Definitely Brought Crashes to Crypto Markets.”

Meanwhile, Dogecoin's price on crypto exchanges jumped more than 36% over the same period, from $0.06 to $0.082.

DOGE will accompany you on the developments of the Bitcoin ETF

Later, on August 29, the United States Court of Appeals for the District of Columbia ruled against the SEC.

The court ruled in favor of crypto hedge fund Grayscale that the SEC's rejection of Grayscale's Bitcoin ETF application was improper. The judge called the commission's action “unlike the treatment of benign commodities,” referring to previously approved Bitcoin futures ETFs.

When that happened, Bitcoin rallied again. Meanwhile, DOGE has moved fairly well with BTC. Bitcoin traded from $26,000 to $27,721 while Dogecoin's price on crypto exchanges went from 0.063 to 0.066.

Three days later, when the SEC pushed back the date for clarification on Grayscale's Bitcoin ETF application, BTC and DOGE prices both fell to their previous levels in similar fashion.

It's been a bumpy ride for investors, but cryptocurrency bulls are hoping the SEC can finally bone the markets in the near future.

Of course, past performance is no guarantee of future results, but this year's recent Dogecoin price rallies and recent updates to the Bitcoin ETF's status certainly do.