This is how high Dogecoin can rise after ETF approval if DOGE receives 30% of BTC ETF inflows

Dogecoin price could rise to new highs if a Dogecoin ETF market receives approval and attracts just 30% of inflows from Bitcoin ETF products.

Dogecoin (DOGE) is one of the best performers of the ongoing bull market and is currently trading at a high last reached in June 2021. Despite the market-wide correction that triggered a 2.8% drop in the price of Dogecoin in 24 hours, the meme coin saw a 159% increase in November.

DOGE has achieved this immense growth rate solely due to market speculation and discussions around the globe Ministry of Government Efficiency (DOGE) is led by Tesla CEO Elon Musk in the new administration of Donald Trump.

DOGE is rallying on market speculation

Interestingly, the impact of external fundamental market catalysts such as ETFs has not yet materialized, as these factors could trigger a more significant price increase. Notably, Bitcoin’s price rise in the first quarter was driven in part by inflows into Bitcoin ETFs that launched in January.

Furthermore, the ongoing uptrend that saw BTC break through the $99,000 mark is also due to capital flows into the ETF products. Currently with Bitcoin ETFs Bragging rights Discussions about ETFs for other crypto assets have surfaced due to $30.8 billion in inflows since January.

Ethereum (ETH) was next Attract ETF productswhich started in July. In addition, some asset managers have applied for XRP ETFs and Solana ETFs. However, the SEC has not yet approved these filings.

Dogecoin remained in the background, but the possibility of an ETF for the meme coin is not ruled out. Notably, ETF Store CEO Nate Geraci recently argued that some asset managers may offer Dogecoin ETFs as a marketing strategy.

Dogecoin price if its ETFs capture 30% of Bitcoin ETF inflows

Meanwhile, Bloomberg’s ETF expert Eric Balchunas said, noted that December 31st could be the perfect time to apply for a Dogecoin ETF. If asset managers show interest in Dogecoin for an ETF product, the market could see an inflow of capital.

Such an influx can trigger an impressive increase in the price of Dogecoin. With Bitcoin ETF products currently seeing $30.8 billion in cumulative net inflows, DOGE’s market value could skyrocket if a Dogecoin ETF market captures just 30% of that number.

For comparison, 30% of Bitcoin ETF inflows represents a capital injection of $9.24 billion. If you leveraged a quarter of Bank of America (BoA). multiplier At a value of 118x, this would result in a market cap multiple of 29.5x for every dollar flowing into the Dogecoin ETF.

At this 29.5x rate, the $9.24 billion would equate to an additional $272.58 billion in market cap for Dogecoin. This would bring DOGE’s market valuation to $334.68 billion, slightly lower than Ethereum’s current market cap of $406.58 billion.

With a market cap of $334.68 billion, Dogecoin price could essentially break the $1 mark explodes to $2.2 per token. Analysts like Ali Martinez believe this target is achievable for Dogecoin price, with Martinez recently predicting a possible rise to $2.4.