Dogecoin ETF More Likely Than Avalanche, Cardano and Polkadot, Says Analyst

Dogecoin is more likely to get an exchange-traded fund (ETF) tracking the price of its native asset than large-cap chains Avalanche, Cardano and Polkadot, according to Bloomberg Intelligence.

In their latest prediction of the odds of various altcoins getting a spot ETF approved, Bloomberg analysts Eric Balchunas and James Seyffart put the original memecoin’s chances at 80%. Avalanche, Cardano and Polkadot only got 75% each.

It’s not all bad news for blockchains with a purpose: Layer 1 (L1) blockchain Solana was given a 90% chance, as were Litecoin and the various crypto baskets and index fund applications. Hedera tied with Dogecoin at 80%.

There are currently more than 70 crypto ETF proposals awaiting SEC approval, Balchunas said last week.

On April 29, the SEC put off deciding on two proposals for an XRP and a DOGE ETF until June. Still that puts them in line for an answer either way.

The SEC’s new crypto-friendly stance means “a TON of alt/meme coin ETFs are likely going to hit the market this year,” Bloomberg’s Senior ETF Analyst said on X last week.

Since the departure of former Chairman Gary Gensler, the SEC has taken on a decidedly positive view of crypto, ending lawsuits over selling unregistered securities and creating a crypto task force to overhaul its rules on when cryptocurrencies are and aren’t securities. The agency has already said that memecoins like Dogecoin are not securities.

“Gonna be a wild year,” Balchunas said in a different X post last week.

Both BTC and ETH spot ETFs trading in the U.S. saw multi-day inflow streaks before yesterday, with BTC daily inflows reaching almost $1 billion two days in a row.