The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the proposed 21Shares Spot Dogecoin ETF. The agency announced the delay through a public filing, stating it needs more time to evaluate the proposal. The new deadline is now set for August 17.
SEC Extends Review Period
On July 1, the SEC said it found it “appropriate to designate a longer period” for assessing the ETF application. This extension allows the Commission to fully consider the proposed rule change and related issues.
Nasdaq submitted the listing application for the 21Shares Dogecoin ETF on April 28. The filing was later published in the Federal Register on May 19, which triggered the initial review timeline.
The proposed ETF would fall under Nasdaq Rule 5711(d), which outlines the criteria for listing Commodity-Based Trust Shares, including digital asset funds.
Community Reaction and Market Context
The delay has drawn attention within the Dogecoin community. Many investors see the ETF as a potential milestone for DOGE’s mainstream acceptance.
Grayscale and Bitwise have also filed for spot Dogecoin ETFs and are still awaiting decisions. Meanwhile, Bloomberg ETF analysts raised the approval odds for Dogecoin ETFs to 90%, as of July 1, 2025.
The table shows DOGE listed alongside other major assets like Litecoin, Solana, XRP, and Cardano, all with equal 90% approval odds. The SEC’s next move on the 21Shares Dogecoin ETF is expected by Aug. 17.
DOGE/USD Chart Forms Bullish Flag, Signals Possible 54% Breakout
On July 1, 2025, the DOGE/USD chart on Coinbase showed a clear bullish flag pattern. The pattern formed after a sharp price increase followed by a downward-sloping consolidation inside two parallel red lines. A bullish flag usually signals a pause before the price continues moving in the same upward direction.
In this case, Dogecoin (DOGE) traded at $0.16117. The price stayed below the 50-day Exponential Moving Average (EMA), which sat at $0.18101. However, the pattern began to show signs of a breakout above the upper red trendline, indicating potential strength.
If the breakout confirms, DOGE could rise nearly 54% from its current level. That move would target around $0.24899, the price marked by the pattern’s height added to the breakout level. The volume bar at the bottom also showed some activity increasing, which supports the breakout signal.
This setup suggests DOGE may resume its earlier upward move if the price crosses above the flag and the EMA with strong volume.
DOGE/USD MACD Shows Early Bullish Signal on July 1, 2025
The DOGE/USD daily MACD (Moving Average Convergence Divergence) chart, updated on July 1, 2025, shows an early bullish signal. The MACD line (blue) has crossed above the signal line (orange) and now stands at –0.00737, while the signal line reads –0.00864. The histogram has flipped to positive at 0.00127.
This crossover is an early indication of a possible trend reversal from bearish to bullish. The MACD helps traders spot changes in momentum by comparing short-term and long-term moving averages. A crossover like this often comes before a price move to the upside.
Moreover, the histogram bars have turned green after being red for most of June. This shift means bullish momentum is building, even though both lines are still in negative territory.
If momentum continues, the crossover could support a price breakout, especially when aligned with the bullish flag pattern visible on the DOGE/USD price chart.
DOGE/USD RSI Shows Weak Momentum but Early Recovery Signs on July 1, 2025
Meanwhile, the DOGE/USD daily Relative Strength Index (RSI) chart indicated weak bullish momentum. The RSI stood at 40.09, just above its 14-day simple moving average of 37.50. The RSI line also turned upward, showing a slight recovery from last week’s drop below 35.
The RSI is a momentum indicator that measures recent price changes to evaluate overbought or oversold conditions. Values below 30 suggest the asset is oversold, while readings above 70 signal overbought levels.
Although RSI remains below the neutral 50 mark, the uptick hints at early demand returning to the market. If this rise continues, it may support further upward price movement, especially when aligned with the MACD crossover and bullish flag breakout seen on other DOGE/USD charts.
DOGE/USD Balance of Power Dips to -0.70, Shows Strong Seller Control
The DOGE/USD daily Balance of Power (BOP) indicator reads –0.70, signaling a sharp shift toward seller dominance. The Balance of Power indicator compares the strength of buyers versus sellers by tracking price behavior relative to daily trading ranges.
Values near –1.00 suggest heavy selling pressure, while levels close to +1.00 reflect strong buying strength. A reading of –0.70 indicates that sellers are currently in control of the market.
Throughout June and late May, the BOP showed high volatility, with repeated shifts between positive and negative zones. However, the current deep negative reading shows that bears have regained control, at least short term.
If this negative pressure continues, it could delay or weaken any breakout unless supported by rising volume or bullish patterns from other indicators.
DOGE Retail Activity Chart Flags High Speculation Periods, Enters Neutral Zone
As of late June 2025, the chart indicates neutral activity, shown by the grey dots. That means retail traders are not dominating the DOGE market at this stage. Earlier spikes, marked in dark red, reflect periods of “too many retail” traders—often tied to speculative bubbles like in early 2021, late 2023, and Q1 2024.
During these past surges, Dogecoin prices often peaked around or above $0.40, followed by corrections. In contrast, the current retail trading frequency appears calm. No green (few retail), red (many retail), or dark red (too many retail) clusters have appeared recently.
This drop in retail crowding can indicate a more stable environment. However, it also means DOGE is not yet attracting the same mass retail attention seen during previous rallies.
