Ethereum ETF Approved to Push Innovative Altcoin to New High

• The odds of the Ether spot ETF being approved in the US have increased significantly, fueled by the changing political climate ahead of the general election.
• The approval of Ether spot ETFs in the US will open the possibility for other altcoins with similar operations to apply for spot ETFs.

The notable hype around Ethereum (ETH) spot exchange-traded funds (ETFs) in the United States has influenced a significant frenzy on other altcoins, especially those with a similar corporate structure and vibrant community. The approval of spot Ether ETFs in Hong Kong has amply demonstrated that there is huge demand for altcoins not only from retail traders but also from institutional investors.

The approaching general election in the United States has forced most candidates seeking elective positions to support the cryptocurrency agenda, as demonstrated by the overwhelming support of the FIT21 bill on Wednesday. Furthermore, cryptocurrency investors in the United States have surpassed 50 million, thus making them a solid voting bloc.

The best Altcoins will benefit from the issuance of the Spot ETF on Ethereum

According to a popular crypto analyst alias HORSE on platform Furthermore, the altcoin sector, excluding Ethereum, experiences high volatility, thus attracting more speculative traders.

Specifically, the crypto analyst believes that the inevitable approval of Ether spot ETFs will heavily pump Elon Musk-backed Dogecoin (DOGE). By virtue of Dogecoin being the most globally traded meme coin with deep liquidity on most decentralized finance (DeFi) platforms, more institutional investors will be adding it to their portfolios.

AS Crypto News Flash previously highlighted, Dogecoin leads VanEck’s MarketVector MEMECOIN index with approximately 30.77%. Most market experts believe that the meme coin industry will dominate this cryptocurrency bull cycle thanks to the improvement of smart contracts and ready liquidity on various DeFi platforms.

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Image of the Dogecoin (DOGE) market.

As a veteran meme coin backed by the legendary Proof of Work consensus mechanism, the Dogecoin network has attracted over 7.3 million holders who have transacted more than 333 million times. The large-cap altcoin, with a fully diluted valuation of around $23 billion, had an average daily traded volume of around $1.4 billion as of this writing.

The prospects of the Dogecoin network being integrated with the X payments platform remain extremely high. Additionally, Platform X has obtained more than 22 money transfer licenses in various jurisdictions across the United States.

From a technical point of view, the DOGE price against the US dollar has completed the new bullish break test of the macro-descending logarithmic trend established over the last two years. Over the past two months the meme lord has established a solid support level of around 14 cents and has since rebounded by more than 20% in recent weeks.

In case the altcoin industry continues with the bullish outlook, DOGE price will soon reach the liquidity range between 27 cents and 32 cents, which coincides with the daily Fibonacci extension of 2,618 and 3,618. At the time of writing, DOGE’s price was hovering around $0.167, up more than 7% over the past five days.

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