The Dogecoin price has dropped by 2.5% in the past 24 hours, with the meme coin falling to $0.1751 on the news that the SEC has delayed making a decision on the Bitwise DOGE ETF.
DOGE is now down by 4% in a week, although the altcoin – the eighth-biggest coin in the market – remains up by 8.5% in a month and by 26% in a year.
And while the news of the SEC’s delay may come as bad news to some, analysts had expected a postponement, with the regulator already having a final deadline in October for the Dogecoin ETF.
As such, DOGE remains in as good a position as it had been prior to the latest delay, with the token’s long-term price prediction still looking strong.
Dogecoin Price Prediction: SEC Delays ETF Decision — What Traders Must Watch Now
Bitwise first submitted the application for its Dogecoin ETF in late January, riding the wave of optimism that followed Donald Trump’s inauguration that month.
The ETF enjoyed some good news last month when NYSE Arca filed a 19b-4 proposal to list and trade its shares, bringing it a step closer to approval.
Yet the SEC’s delay means we have to wait until at least June 17 for a decision from the regulator, although in theory it could keep delaying until October.
And while the Dogecoin price may give the impression that the market has reacted negatively to this news, many analysts were anticipating a delay.
And if we look at Polymarket, we see that the odds for its ‘Doge ETF approved in 2025?’ market have actually increased today, having risen from 52% only five days ago to 69% as of writing.
This leaves DOGE in a good position, with its chart today also showing signs of recovery after several months of stagnation.
Its relative strength index (purple), for example, recently climbed over 50 and remains elevated, a sign that it has entered a new phase.
Similarly, its 30-day moving average (orange) is rising again after bottoming out a few days ago, with an ascent towards the 200-day average (blue) looking increasingly likely.
Source: TradingViewWe’re highlighting $0.30 as a medium-term price target for Dogecoin, with an improvement in global trade likely to help it towards this level.
And in the longer run, it could potentially hit $0.70 by the end of the year, especially if Bitwise’s DOGE ETF does gain approval.
This New Altcoin Could Outshine the Entire Market This Summer
There remains a chance that we may not see Dogecoin do much unless Bitwise’s application is successful, in which case some traders may opt to diversify into newer tokens that could pick up the slack.
This includes newer meme coins such as Pudgy Penguins (PENGU) and Fartcoin (FARTCOIN), but it will also include presale tokens, which can often rally hard when they list.
And probably the biggest presale coin right now is Solaxy (SOLX), a Solana-based token that has now raised a hugely impressive $32.4 million in its ongoing sale.
Solaxy is Solana’s first true layer-two network, providing a sidechain with very low fees and ultra-fast confirmation times.
Solaxy will also enable instant bridging itself and Solana, with the platform also planning to widen its compatibility to other chains in the longer term.
Given that Solana experiences congestion and failed transactions, even after recent upgrades, there’s clearly a space in which Solaxy could grow to become quite prominent.
Its native token SOLX will pay for transaction fees, while holders will also be able to stake it, giving it considerable utility.
Investors can still join its sale by going to the Solaxy website and connecting a wallet, such as Best Wallet.
SOLX is currently available at $0.00171, although this will increase again in two days, so traders should act quickly.
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