Why Dogecoin Is Moving Higher Today

Core Viewpoint - Dogecoin is experiencing significant gains driven by expectations of a potential approval for a Dogecoin exchange-traded fund (ETF) by the SEC, making it the top gainer among major cryptocurrencies recently [2][4]. Group 1: Dogecoin Performance - Dogecoin was up 1% in trading on Tuesday, contrasting with Bitcoin and Ethereum, which both saw declines of approximately 1% [1]. - Over the past week, Dogecoin has increased by 13.9%, outperforming all other top-10 market-cap tokens [2]. Group 2: ETF Approval Expectations - Reports suggest that the SEC may be on track to approve the first ETF focused on Dogecoin, which would be a significant milestone as it would be the first ETF based on a meme coin [4]. - Rex Shares and Osprey Funds have filed a prospectus for a Dogecoin ETF, aiming for approval under the Investment Company Act of 1940, differing from the typical framework used for cryptocurrency ETFs [5][8]. - The new Dogecoin ETF could potentially be approved and start trading as early as Thursday, which may further drive gains for the token [6].