With Bloomberg analysts increasing the approval chance of a Dogecoin ETF to 90%, analysts believe the memecoin is nearing a major price pump. Analysts reckon that the Dogecoin price may surge as high as 214 percent in the very near future, as the coin has several on-chain indicators turning positive.
In other news, Nano Labs has announced the launch of the first Binance Coin (BNB) fund. The Chinese blockchain company said it will buy up to $1 billion worth of BNB, causing experts to predict a major pump could be around the corner.
Dogecoin ETF and On-Chain Metrics Could Lead To a Massive Rally
Bloomberg’s research analyst, James Seyffart, shared on X that he and Eric Balchunas have increased the chances of altcoins like Dogecoin getting ETF approval to 90%. In addition to this, many on-chain metrics of Dogecoin have been flashing bullish signs.
IntoTheBlock on-chain data confirms an accumulation spree. According to its data, the active addresses on the Dogecoin network have increased by 111.32% whereas new addresses grew by 102.40% over the last week. Zero balance, which is an indicator of repurchased holders, increased by 155.45%.
A Dogecoin price chart shared by Setupsfx shows that the memecoin is in an accumulation phase. Several Change of Character (CHoCH) patterns are also noticed in the chart, which generally shows an early buying interest.
A similar pattern was observed in 2024. From trading as low as $0.135 in August, the Dogecoin price experienced a breakout, which led to a price pump to $0.48 by December 2. Based on this pattern, Setupsfx has emphasized that a major rally could happen for $DOGE this year.
The analyst expects the price of Dogecoin to increase by at least 214.6%. According to CoinMarketCap, the DOGE price trades in the range of roughly $0.1627. In case this breakout occurs, the memecoin price might reach $0.512 or above.
BNB Could Hit New ATH After Nana Labs Announce $1 Billion Fund
The Chinese blockchain infrastructure, Nano Labs, has announced the launch of a BNB Fund. The company said in the statement that it has decided to buy up to 1 billion worth of BNB using convertible promissory notes and private placements.
The statement revealed that the company’s long-term plan is to hold between 5% to 10% of BNB’s total circulating supply. The stock value of Nano Labs surged more than 106%, immediately after the announcement. The announcement from Nano Labs highlights the increasing institutional interest in Binance Coin.
Although there’s no significant increase in the price of BNB since the announcement, analysts believe it could change soon. Per CoinMarketCap, the BNB price has remained under $650, trading with gains of 0.25% on the 7D chart and a loss of -4.9% on the 30D chart.
Despite its current price outlook, Crypto Tony has said that he is bullish on BNB if it crosses $675. Crossing this resistance level will kickstart its next bullish rally. Sun Lio has set the price target for BNB in the next phase of its rally at $991.02, which will be a new ATH for the altcoin.
Why You Should Keep An Eye on DOGE and BNB
Dogecoin is in an accumulation phase, which often leads to a massive price pump. The potential of this rally is further strengthened by the growing possibility of a spot Dogecoin ETF. Similarly, the BNB fund is a major positive sign, and the growing accumulation from institutional investors shows their belief in the potential of the altcoin.
