Dogecoin price increased by more than 7% over the past 24 hours, outperforming the broader crypto market’s 4% rise. The leading meme coin is currently trading near $0.20, pushing its market capitalization to $30.4 billion.

According to the data by CoinMarketCap, DOGE has recorded a 95% uptick in its 24-hour trading volume. The renewed investor interest comes as 21Shares, one of the largest crypto ETP issuers, recently filed an amended S-1 registration for its much-anticipated spot Dogecoin ETF.

21Shares Pushes Forward with Dogecoin ETF

According to the Oct. 17 filing, 21Shares has confirmed “TDOG” as the official ticker for the ETF, which will list and trade on Nasdaq once approved.

The updated document also identifies Coinbase as the custodian responsible for holding the DOGE tokens, while 21Shares US LLC will serve as the seed capital investor.

The filing reveals that the trust intends to use $1.5 million to purchase Dogecoin before or at the time of listing. The move signals 21Shares DOGE ETF’s readiness, which has already seen DTCC listing, a key procedural milestone ahead of launch.

Bloomberg ETF analysts have recently raised the approval odds for Dogecoin ETFs to 99%. However, the SEC missed its Oct. 18 deadline to approve the Grayscale Dogecoin ETF due to the ongoing US government shutdown, which has temporarily stalled regulatory processes.

Analysts Turn Bullish as DOGE Breaks Key Levels

Meanwhile, Dogecoin has been trading within an ascending parallel channel since mid-2022. Popular crypto analyst Ali Martinez noted that the price has just bounced off the lower boundary.

Interestingly, such rebounds often lead to mid-range rallies, with Martinez projecting a potential move toward $0.29, $0.45, and eventually $0.86 if momentum holds.

Meanwhile, another expert, Elite Crypto, identified a multi-year cup-and-handle pattern forming on DOGE’s weekly chart. He explained that the meme coin is now in a solid accumulation zone, suggesting that levels below $0.155 present strong buying opportunities for spot investors.

The meme token appears poised for an extended bullish phase, with many eyeing the highly anticipated $1 price level for DOGE.

Read the original story by Parth Dubey at Coinspeaker.com