The US Securities and Exchange Commission (SEC) is preparing to tackle a significant influx of cryptocurrency-related exchange-traded fund (ETF) applications.

Currently, 72 such proposals are awaiting approval, ranging from funds that track major assets like Solana (SOL), and Dogecoin (DOGE) to more speculative options tied to meme coins and tokens such as the Bonk (BONK), Official Trump (TRUMP), and even Official Melania (MELANIA) token.

Crypto ETFs Under New Leadership

According to Bloomberg ETF analyst Eric Balchunas, 2025 promises to be a “wild” ride for crypto investors and asset managers alike.

The latest development comes as Paul Atkins was sworn into office as the 34th Chairman of the SEC two weeks after he was confirmed by the US Senate. His previous role at the securities regulator saw him championing deregulation, but the rapidly expanding crypto market will likely require him to make some tough decisions, particularly regarding which digital assets qualify as commodities.

These choices will have significant implications for whether certain cryptocurrencies can be traded as commodity-based trusts, similar to gold and other traditional assets.

Last year, under former SEC Chair Gary Gensler, the commission approved spot Bitcoin and Ethereum ETFs. The move set a precedent that opened the door for other digital assets to seek similar treatment.

For its part, the SEC, under acting chair Mark Uyeda, had made it clear in its February statement that meme coins are not typically considered securities.

XRP ETF Applications Pile Up

XRP ETFs are part of the 72 applications pending with the SEC. Major asset managers such as Grayscale, 21Shares, Bitwise, CoinShares, Canary, WisdomTree, and Franklin have all submitted S-1 filings to launch these funds in the US. More than 10 asset managers are involved in these proposals.

To top that, several exchanges, including Cboe and NYSE Arca, have filed 19b-4 applications with the agency to allow the trading of XRP ETF shares.

Meanwhile, betting markets on Polymarket have currently placed the chances of an XRP ETF approval at 70% this year.

TL;DR

• A low-cap altcoin has taken the main stage on X due to a massive surge over the past day or so.
• Its impressive price increase was likely triggered by backing from Binance and Upbit.

Reacting to the News

Although most of the cryptocurrency market has turned green on a daily scale, one low-cap altcoin has stolen the show. DeepBook (DEEP) is not among the top 100 club, but has outperformed almost all assets from that list in the past 24 hours.

Earlier today (April 22), its price was trading at around $0.09. Just an hour later, though, it jumped to a seven-week high of $0.16. DEEP’s peak was short-lived, and it later retraced to the current $0.11, which represents a 22% ascent for the day.

The rally was likely fueled by the support from the world’s largest cryptocurrency exchange as Binance Futures launched the DEEP/USDT perpetual contract with up to 50x leverage. The product has no expiration date and allows traders to bet on the price of the cryptocurrency without actually owning it. 

The exchange clarified that futures and spot token listings are not correlated. This means that a cryptocurrency listed on Binance Futures does not guarantee that it will be added to Binance Spot. 

Upbit, which listed the DEEP/KRW trading pair earlier today, may have also contributed to the asset’s price increase. Thus, South Korea’s leading crypto exchange doubled down on its backing for the token since it previously introduced the DEEP/BTC and DEEP/KRW pairs. 

Examples in the Past

Support from major exchanges like the aforementioned ones increases the liquidity of the involved cryptocurrencies, enhances their visibility and availability, and gives them a reputational boost. 

Earlier this month, Binance placed the meme coin Cat in a Dogs World (MEW) in its Binance Alpha section – a platform within the exchange’s ecosystem that serves as a pre-listing selection pool. The token’s price rallied by 15% shortly after the inclusion. 

In February, Upbit introduced the trading pairs TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT. The meme coin launched by US President Donald Trump pumped by 10% following the announcement.

TL;DR

• Despite a recent uptick, one analyst warns that DOGE’s price could plunge significantly if it stays below a certain support zone.
• Others, though, foresee a rally to as high as $0.44, citing specific technical chart patterns.

Is DOGE Poised for a Massive Slump?

The price of the largest meme coin has been on an uptrend in the past week, rising by 3% and currently trading at around $0.16. However, some analysts believe a collapse could replace the minor resurgence if Dogecoin (DOGE) fails to rise above a specific level.

Ali Martinez told his 135,000 followers on X that the meme coin’s valuation could plummet by 65% to as low as $0.06 if it doesn’t turn the resistance at $0.17 into support.

Certain technical indicators also suggest DOGE could be on the verge of a pullback. One example is the Relative Strength Index (RSI), which is a momentum oscillator that measures the speed and magnitude of recent price changes in a particular asset. It varies from 0 to 100 and helps traders determine whether a token is overbought or oversold, which in turn could signal a reversal point.

Readings above 70 typically indicate that the asset has entered overbought territory and might be headed for a correction. On the contrary, anything below 30 is considered a bullish factor. DOGE’s RSI has been on the rise in the past 24 hours, currently set just south of the bearish ratio of 70.

An important event that could catalyze further gains for the meme coin is the potential approval of a spot DOGE ETF in the United States. The prominent names racing to launch such a product include Grayscale, 21Shares, Bitwise, and others. 

Earlier this year, the approval odds (before the end of 2025) on Polymarket stood at over 75%. In the past several weeks, though, the chances started to erode and currently stand at 52%. Moreover, the odds of the investment vehicle seeing the light of day before July 31 dropped to 20%.

The Bullish Predictions

Crypto X is full of analysts who believe Dogecoin has yet to chart substantial peaks. ZAYK Charts recently assumed that the price has completed a breakout on a falling wedge pattern, suggesting this could result in a pump to almost $0.28. 

Clifton Fx shared a similar thesis. They claimed DOGE “is forming a falling wedge on the 2d timeframe,” predicting that a breakout might trigger a price explosion to as high as $0.44.