"Dogecoin ETF Approval Likely Before Avalan, Cardano, Polkadot"

# Dogecoin ETF Approval Likely Surpasses Major Blockchains - Bloomberg Intelligence Dogecoin shows a higher likelihood of obtaining approval for a spot Exchange-Traded Fund (ETF) compared to major blockchains, as per a recent report by Bloomberg Intelligence, shared through The Defiant on November 2. Bloomberg analysts Eric Balchunas and James Seyffart have estimated Dogecoin’s probability of securing spot ETF approval at 80%, surpassing large-scale blockchains like [Avalanche (AVAX)](https://api.blockmedia.co.kr/binance/outlink/?path=avalanche), [Cardano (ADA)](https://api.blockmedia.co.kr/binance/outlink/?path=cardano), and [Polkadot (DOT)](https://api.blockmedia.co.kr/binance/outlink/?path=polkadot-new), each of which hold a 75% probability rating. Layer-1 blockchain [Solana (SOL)](https://api.blockmedia.co.kr/binance/outlink/?path=solana) leads the approval race, enjoying a 90% chance of ETF approval. This places Solana alongside [Litecoin (LTC)](https://api.blockmedia.co.kr/binance/outlink/?path=litecoin) and other cryptocurrency basket or index funds under consideration. Hedera (HBAR), another key blockchain network, matches Dogecoin’s 80% probability, as reported by Bloomberg Intelligence. # Dogecoin Awaits SEC Decision Currently, over 70 cryptocurrency-related ETF proposals are pending approval from the U.S. Securities and Exchange Commission (SEC). This includes ETF applications for XRP and Dogecoin, with the SEC having delayed its decision on these two assets to June this year, indicating an imminent verdict. Bloomberg’s Eric Balchunas noted, “The SEC’s increasingly accommodating stance toward cryptocurrencies bolsters the chances of several altcoin and meme coin ETFs debuting this year.” Recent shifts at the SEC under new leadership have signaled a positive regulatory change. With the exit of former Chairman Gary Gensler, the SEC has shown a friendlier approach to cryptocurrencies. Developments include resolving lawsuits over unregistered securities sales and forming a task force to revamp cryptocurrency regulations. The agency has also hinted that meme coins like Dogecoin might not be classified as securities. # Promising Outlook for Cryptocurrency ETF Market Institutional interest in cryptocurrency ETFs continues to grow. Spot [Bitcoin (BTC)](https://api.blockmedia.co.kr/binance/outlink/?path=bitcoin) and [Ethereum (ETH)](https://api.blockmedia.co.kr/binance/outlink/?path=ethereum) ETFs have seen substantial capital inflows in recent U.S. trading sessions. Particularly for Bitcoin, daily inflows have exceeded $1 billion for two consecutive days. “This year is shaping up to be transformative for the cryptocurrency industry,” Balchunas observed in another statement. With evolving SEC attitudes and growing investor interest, the cryptocurrency market stands on the verge of a significant period. The prospects for a flourishing cryptocurrency ETF market continue to captivate both regulators and market participants.