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• Avalanche (AVAX) price hovers at $17.75 but could eye a breakout above $20.
• This comes as major US asset managers take note of US Treasury guidance on ETF portfolios and staking.
• Ethereum, Solana and Avalanche among altcoins likely to benefit if full implementation rolls out.

The Avalanche (AVAX) cryptocurrency is gaining attention as altcoins pop following a pivotal regulatory decision by the US Treasury and IRS.

As the cryptocurrency market continues to evolve, focus is on key projects and likely bullish breakouts. 

In this case, approval of staking for crypto exchange-traded funds (ETFs) could influence market dynamics, and AVAX may be among the tokens to watch.

Avalanche price eyes $20 breakout

Avalanche, known for its high-throughput blockchain and robust ecosystem, could experience renewed investor interest amid favorable market conditions.

Currently, AVAX price is at $17.75, and has approached $20, a critical resistance level.

However, the price point is a key psychological and technical barrier after bulls failed to clear on multiple occasions.  

Nonetheless, AVAX has demonstrated resilience following the bulls’ plummeting to lows of $16.

Price remaining near the level suggests a succession of green days amid upside volatility will buoy buyers.

Given current bearish sentiment, coupled with global risk asset jitters in recent weeks also suggests the asset may be undervalued. If so, it could present a potential buying opportunity for investors.

That may be the flip point if AVAX strikes and sustains an upward trajectory.

A break above the $20 threshold is key, largely as the correlation that AVAX has with other proof-of-stake (PoS) networks like Ethereum and Solana further bolsters its case.

It is because these assets are expected to benefit from fresh regulatory clarity.

US crypto ETFs to stake nod

The US Treasury and IRS have introduced Revenue Procedure 2025-31, a landmark decision that establishes a tax safe harbor for crypto ETFs and trusts to engage in staking activities.

This guidance allows regulated funds to stake digital assets such as ETH and SOL while maintaining a pass-through tax status. Analysts say the move eliminates previous legal uncertainties.

Today @USTreasury and the @IRSnews issued new guidance giving crypto exchange-traded products (ETPs) a clear path to stake digital assets and share staking rewards with their retail investors.

This move increases investor benefits, boosts innovation, and keeps America the…

— Treasury Secretary Scott Bessent (@SecScottBessent) November 10, 2025

 

Why is this important?

While key conditions include holding a single crypto asset type with a qualified custodian and distributing staking rewards directly to investors, it’s a development that could unlock significant capital inflows into PoS networks.

That includes Avalanche, whose native token could tap into institutional participation.

Add anticipated ETF hype, and this could transform staking into a mainstream investment strategy.  

The convergence of Avalanche’s price potential and catalysts such as the US Treasury’s stance on crypto staking may turn out extremely bullish for AVAX.

Crypto treasury efforts are also a huge catalyst.

The AVAX price last tested a local peak above $20 when bulls saw a breakout taper out near $35 in September.

Beyond that, the altcoin reached highs of $55 in December 2024.

Key takeaways

• Uniswap’s UNI is the best performer among the top 30 cryptos by market cap, up 20% in 24 hours.
• The rally comes after Uniswap Labs and the Uniswap Foundation submitted a “UNIfication” governance proposal on Monday.

UNI pump on UNIfication proposal

UNI, the native coin of the Uniswap decentralized exchange, is the best performer among the top 30 cryptocurrencies by market cap. The coin is currently up by 20% in the last 24 hours and is now trading above $8.5 per coin.

It had hit a monthly high of $10.2 on Monday but is currently retracing. The rally comes after Uniswap Labs and the Uniswap Foundation submitted a “UNIfication” governance proposal on Monday.

The proposal, co-authored by protocol founder Hayden Adams, Executive Director of the Uniswap Foundation Devin Walsh, and Uniswap researcher Kenneth Ng, will reduce the supply of Uniswap’s native UNI token in part by activating a burn mechanism. 

If approved, this will mark a significant shift for Uniswap and its token holders as they have been calling for the so-called “fee switch” that would divert a portion of the trading fees that historically accrued to liquidity providers to the Uniswap protocol’s treasury or UNI token holders.

The proposal will use protocol fees earned by the Uniswap DEX and Unichain sequencer to burn tokens, while also directly burning 100 million UNI tokens currently sitting in Uniswap’s treasury. 

Furthermore, the proposal would halt Uniswap Labs from earning fees on its interface, wallet, and API. However, it remains unclear the percentage of the fees will go towards token burns. 

UNI could retrace to $7.2 as the bullish surge subsides

The UNI/USD 4-hour chart is bullish but inefficient as the coin pumped on the UNIfication news on Monday. The coin is now retracing and could gain efficiency in the near term.

The technical indicators remain bullish, with the RSI of 73 showing that UNI could soon enter the overbought region. The MACD lines are also within the positive territory, indicating a bullish bias.

If the retracement continues, UNI could drop to the $7.2 level to gain efficiency in the near term. An extended dip would see the bulls forced to defend the support level at $6.6. 

However, if the bullish trend resumes, UNI could reclaim the $10.2 high created on Monday over the next few hours or days.

• Brazil’s central bank issued crypto rules under Resolutions 519, 520, and 521.
• Transfers with unlicensed foreign parties are capped at $100,000.
• Rules take effect on 2 February 2026, with reporting from 4 May.

Brazil has finalised a new regulatory framework that places stablecoin transactions and specific crypto wallet transfers within the scope of foreign exchange laws.

The Banco Central do Brasil (BCB) published Resolutions 519, 520, and 521 on Monday, outlining how virtual asset service providers will operate under a model similar to licensed financial institutions.

The rules establish a new legal category known as Sociedades Prestadoras de Serviços de Ativos Virtuais (SPSAVs).

These licensed firms will now face mandatory procedures for consumer protection, transaction transparency, and anti-money laundering controls.

All major entities involved in brokering, custodianship, and crypto intermediation must comply.

Implementation is phased. The rules take full effect on 2 February 2026, while mandatory reporting for capital markets and cross-border activities begins on 4 May 2026.

Stablecoins treated as foreign currency

Under Resolution 521, the BCB redefined how stablecoins operate within Brazil’s financial system. Purchases, sales, and exchanges of fiat-pegged virtual assets now qualify as foreign exchange operations.

This reclassification applies to both domestic and international transactions, including payments made using stablecoins.

Such operations will only be allowed through institutions licensed to conduct foreign exchange or those registered as SPSAVs.

Any transaction involving an unlicensed foreign counterparty will be limited to $100,000 per transfer.

These limits are designed to prevent circumvention of formal financial channels while maintaining oversight of substantial flows.

The move allows Brazil to account for stablecoin-related financial movements within its official balance-of-payments data.

These transactions were previously unrecorded in the traditional financial framework, presenting blind spots in economic data and policy planning.

Self-custody wallets brought under compliance scope

Transfers involving self-custodied wallets will also be monitored under the new system, provided they are facilitated by licensed service providers.

In such cases, the intermediary will be responsible for identifying the wallet’s owner and verifying both the origin and destination of the assets.

This applies whether or not the transaction crosses international borders.

Although the regulation does not ban self-custody, it imposes rigorous documentation requirements on interactions between personal wallets and the regulated financial ecosystem.

This adjustment addresses long-standing gaps in compliance and AML enforcement that arose from the decentralised structure of crypto networks.

By extending banking-grade controls to wallet activity, the BCB aims to create continuity in its approach to financial data integrity.

It also ensures that all transactions linked to a regulated intermediary are held to the same standard, irrespective of the custody model.

New burdens for smaller crypto firms

While the regulatory shift strengthens oversight, it could create additional strain on smaller crypto businesses.

Meeting the new legal obligations will require internal restructuring, technological upgrades, and more robust compliance teams.

These changes may disproportionately affect startups and local exchanges with limited access to capital or international compliance infrastructure.

Larger platforms and financial institutions are expected to adapt more easily, using existing legal departments and regulatory experience to meet the new demands.

As a result, the competitive environment within Brazil’s crypto space may shift, with consolidation favouring better-resourced operators.

The Brazilian crypto market is the second-largest in Latin America after Argentina.

This regulatory move signals a departure from experimental approaches and an integration of crypto into the formal structure of the financial system.

With a high percentage of crypto activity in Brazil involving stablecoins, the government has chosen to extend the legal perimeter to include digital assets traditionally seen as being outside regulated finance.

Closing the data gap in Brazil’s financial system

The BCB has framed the new rules as necessary to promote legal certainty and prevent regulatory loopholes.

By redefining stablecoin activity as a form of foreign exchange, the central bank gains visibility into financial transactions that were previously obscured.

The new framework does not eliminate the use of crypto assets, but subjects them to rules already applicable to fiat currency.

These include oversight mechanisms intended to reduce fraud, improve tax compliance, and align the treatment of crypto assets with Brazil’s financial reporting standards.

Though implementation is set for 2026, market participants are expected to begin adapting well in advance, anticipating the compliance demands of a financial system that now sees crypto as subject to the same rules as money.

• WLFI token price jumps 33% after Senate advances shutdown-ending deal.
• Political optimism and Trump ties fuel a strong WLFI trading surge.
• WLFI token volatility rises as House vote and market reactions loom.

The WLFI token price has surged dramatically as the US Senate passed a procedural deal aimed at ending the historic 40-day US government shutdown, sending ripples through the cryptocurrency market.

Following the passage of the deal, World Liberty Financial (WLFI), a politically-linked DeFi project backed by the Trump family, saw its native token climb over 33% in a single day, reflecting both political optimism and heightened speculative interest.

Political developments drive WLFI price

The surge in WLFI price started immediately after the Senate approved a bipartisan agreement to fund the government, a key procedural first step following weeks of legislative deadlock.

This vote represents the most significant progress toward ending the shutdown, which began on October 1, 2025, leaving approximately 1.4 million federal employees on unpaid leave and halting essential services, including SNAP benefits for millions of low-income Americans.

Although the deal now moves to the House of Representatives, where additional approvals are required, the procedural success removed immediate macroeconomic uncertainty and sparked a broad risk-on environment across financial markets.

Historically, political narratives have been particularly influential in driving World Liberty Financial (WLFI) gains.

Besides the procedural deal, President Trump’s comments on potential $2,000 “tariffs dividends” and his pro-crypto stance have provided additional momentum for the token.

WLFI token price analysis

The WLFI token price recently cleared critical resistance levels, including its 30-day simple moving average and key Fibonacci retracement points, signalling renewed buying strength.

The trading volume has spiked by over 600% in 24 hours, indicating heightened participation from both retail and institutional investors.

In addition, futures open interest has jumped significantly, reflecting aggressive long positions and a speculative appetite that contributed to volatility.

Despite brief dips caused by large holder activity, such as the recent Jump Crypto’s transfer of 18.42 million WLFI to Binance, the overall trend remained sharply upward, with the token establishing higher lows that suggest sustained buying interest.

WLFI token price outlook

Looking ahead, WLFI token price is likely to remain reactive to news surrounding the US government shutdown and subsequent House of Representatives approvals.

While the Senate’s vote marked an important procedural step, additional hurdles remain before federal employees are fully restored to pay and government services resume.

Political developments, including potential policy updates on healthcare subsidies and tariff dividends, will continue to influence the token’s performance.

Rumours regarding potential involvement of key figures like Binance founder Changpeng Zhao in the World Liberty Financial (WLFI) ecosystem have also fueled speculation and trading activity, adding layers of momentum to the WLFI token price action.

Investors should also monitor large-holder transactions and derivatives activity, which could amplify volatility.

• Decred price dips 17% after a strong weekly rally and high profit-taking.
• The key support at $32.54 is critical to maintain the bullish momentum.
• Analysts highlight long-term targets up to $224.52 for Decred (DCR).

Decred price has faced a short-term setback as the DCR token fell 17.24% to $33.26, contrasting sharply with its impressive weekly surge of over 60%.

While some investors are taking a cautious approach after an extended rally, many remain optimistic about Decred’s long-term prospects, especially considering its unique hybrid governance model and privacy-oriented features.

DCR dips amid profit-taking and regulatory uncertainty

Decred (DCR) experienced a notable decline today following an intense period of profit-taking.

Over the past month, DCR has surged by more than 140%, and the heightened activity is evident in its 24-hour trading volume, which jumped over 100% to $92.9 million.

Traders appear to be locking in gains after a parabolic rise, which coincides with a cooling off from previously overbought conditions.

Notably, the 7-day RSI, now at 60.26, reflects a natural pullback, highlighting the market’s temporary hesitance to push the price higher immediately.

Regulatory concerns are also adding a layer of uncertainty.

Discussions around the EU’s proposed 2027 ban on anonymous crypto transactions have resurfaced, creating hesitancy among investors.

While Decred’s hybrid governance model and resilient fundamentals offer some protection, the regulatory environment for privacy-focused coins remains a key risk factor.

Cryptocurrency exchanges, such as Upbit, are historically wary of compliance issues and have delisted DCR in the past, amplifying short-term caution among traders.

Technical signals show cooling, but long-term potential

From a technical perspective, the DCR price recently broke below its pivot point of $33.95 and the Fibonacci 23.6% retracement at $35.1, suggesting a short-term bearish trend.

The MACD histogram has narrowed to +1.41, signalling a potential slowdown in upward momentum.

According to some market analysts, maintaining above $32.54 is critical for DCR to preserve its breakout momentum from the past week, allowing the token to potentially resume its upward trajectory.

If DCR can hold the $30–$32 support zone, it may stabilise and prepare for another upward push.

Failing to maintain this support could expose the altcoin to further declines toward $29.51, though the 30-day SMA at $20.88 continues to indicate that the long-term structure remains intact.

Conversely, should Decred (DCR) price climb past $35.42, it could target the next resistance at $38.93, with a longer-term goal of $56.86.

Decred price forecast amid the market pullback

Investor sentiment toward DCR remains cautiously optimistic despite the recent pullback.

Rekt Capital, for instance, recently highlighted that Decred has followed a setup shared over a year ago, rallying 140% across the range before breaking out for an overall 500% gain.

$DCR

Decred has followed through on a setup shared in the Hall of Fame Pro over a year ago

Rallied +140% across the Range & broke out from it for a +500% rally overall

Decred took time but maybe the upside was worth the waithttps://t.co/CWLXYsY4t2#DCR #decred #BTC pic.twitter.com/OPspzwbqRO

— Rekt Capital (@rektcapital) November 9, 2025

This historical perspective underscores the altcoin’s potential for long-term upside.

Adding to this optimism, crypto analyst Javon pointed out that DCR’s target of $224.52 remains unchanged, noting that the early-stage climb toward this price could just be beginning.

Javon’s assessment emphasises that while short-term corrections are natural, the broader trend for Decred remains bullish, supported by both technical fundamentals and investor confidence in its hybrid governance and privacy features.

$DCR‘s target at the $224.524761 goes unchanged as prices continue to hold well broken out of an older resisting trend and a more than 470X climb to reach it can be in its early stages here.

That’s a near 6X!

(Decred) https://t.co/MZ7q9yzO1L pic.twitter.com/8wDIkS30gI

— JAVON⚡️MARKS (@JavonTM1) November 9, 2025

In essence, while the Decred price has faced a necessary cooling-off phase amid profit-taking and regulatory uncertainties, key support levels and historical performance suggest that the altcoin may soon regain upward momentum.

With the DCR token holding strong near crucial supports and bullish indicators from market experts like Rekt Capital and Javon, investors may find opportunities to enter or expand positions while monitoring short-term fluctuations.

Key takeaways

• DOGE is up 6% in the last 24 hours as memecoins are showing signs of strength.
• The leading memecoin could rally towards the $0.22 resistance level in the near term.

Memecoins show signs of strength

The cryptocurrency market has been bullish over the past few days, with Bitcoin hitting the $106k level a few hours ago. Memecoins are showing signs of strength, suggesting that risk-on sentiment has returned among traders. 

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are some of the biggest winners among the top 100 cryptocurrencies by market cap. Their performance comes amid rising retail interest in memecoins, with traders anticipating further gains in the near term. 

The speculative nature of memecoins sees them gain additional interest from investors during recovery and bullish phases. Data obtained from CoinGlass reveals that the futures Open Interest (OI) of DOGE, SHIB, and PEPE have increased by 4%, 2% and 3%, respectively, in the last 24 hours, reaching $1.53 billion, $72.99 million, and $200.53 million. 

This increase suggests that investors are increasing their exposure to risk-based assets such as Dogecoin.

DOGE eyes $0.22 amid bullish technicals

The DOGE/USD 4-hour chart is bearish and inefficient despite Dogecoin adding 6% to its value over the weekend. The leading memecoin is now trading around $0.18 after forming a double bottom reversal from $0.15704 support over the last few days. 

The technical indicators on the 4-hour chart are also bullish, showcasing DOGE’s increased retail interest. The RSI of 63 is above the neutral 50 and could enter the overbought region if the bullish trend continues. The MACD lines are also within the bullish zone, suggesting a strong buying pressure. 

If the memecoin continues with its recovery, it could test the 200-period EMA at $0.19386 before rallying towards the October 13 high of $0.22. However, failure to maintain the bullish momentum would see DOGE decline towards the $0.16886 level, which acted as the double bottom’s neckline.

• 21Shares triggers 20-day countdown for potential SEC approval of spot XRP ETF.
• Canary Capital’s XRP ETF also enters countdown window, may trade under ticker XRPC.
• Ripple gains momentum with new partnerships and RLUSD stablecoin milestone.

The countdown for a potential US spot XRP exchange-traded fund (ETF) has officially begun, with asset manager 21Shares filing an amended prospectus that activates a 20-day window under Section 8(a) of US securities law.

The move marks a significant step toward possible approval from the Securities and Exchange Commission (SEC) and has sparked renewed optimism within the XRP community.

21Shares triggers 20-day countdown

The development was first highlighted by Bloomberg ETF analyst Eric Balchunas, who noted in a post on X (formerly Twitter) that “21Shares just dropped an 8(a) for their spot XRP ETF. 20 day clock in effect.”

The Section 8(a) provision stipulates that a registration statement becomes effective automatically after 20 days unless the SEC intervenes to delay or request amendments.

The amended filing removes any “delaying amendment” language, meaning the countdown to potential effectiveness is now underway.

If the SEC does not act within the 20 days, the filing would become effective automatically, paving the way for the fund’s launch.

This procedural step has also been taken by other prospective XRP ETF issuers, signaling increasing competition among asset managers to bring the first US spot XRP ETF to market.

Canary Capital joins the XRP ETF race

The 21Shares filing follows a similar move by Canary Capital Group, whose XRP ETF filing also entered its 20-day countdown window earlier.

Canary Capital, in a post on social media, told investors to “get ready,” adding that the Canary XRP ETF (XRPC) is “coming soon.”

The proposed ETF would trade on Nasdaq under the ticker XRPC, holding XRP in custody with Gemini Trust Company and BitGo Trust Company.

The fund would use the CoinDesk XRP CCIX New York Rate as its official pricing benchmark.

Canary Capital’s entry into the race comes after the firm successfully launched the first US spot ETFs for Litecoin (LTC) and Hedera (HBAR) in late October — a move that strengthened investor confidence in the possibility of additional crypto ETF approvals, including for XRP.

Ripple momentum builds ahead of potential approval

The XRP ETF progress adds to what has already been a significant period for Ripple Labs and the broader XRP ecosystem.

Ripple recently announced new partnerships with Mastercard and WebBank to support settlement for its RLUSD stablecoin, while the XRP Ledger (XRPL) surpassed 100 million ledgers recorded.

Ripple’s stablecoin RLUSD also achieved a milestone, crossing the $1 billion circulation mark.

These milestones, coupled with the ETF momentum, have fueled optimism that institutional interest in XRP could rise sharply if an ETF gains regulatory clearance.

Market participants note that a US-approved spot XRP ETF would provide traditional investors with exposure to XRP through regulated channels, potentially driving liquidity and adoption.

As the 20-day countdown unfolds, the crypto community remains on watch.

Should the SEC refrain from issuing delays, the 21Shares XRP ETF could soon become the latest addition to the expanding lineup of digital asset investment products in the US.

• LayerZero (ZRO) price rose sharply to rank among top gainers on November 7, 2025.
• ZRO price benefited from a $10 million LayerZero Labs token buy.
• Bulls pushed to intraday highs of $1.87 and could target further upside.

LayerZero’s native token ZRO is trending among top gainers today with double-digit gains.

The token is seeing significant attention amid a volatile cryptocurrency market, with ZRO price buoyed by a strategic move aimed at bolstering the project’s treasury strategy.

Bulls pushed to highs of $1.87 before slipping to around $1.66 as of writing, but could this be the starting of a big move for ZRO?

ZRO price surges after $10 million LayerZero Labs token buy

LayerZero Labs, the team behind the LayerZero protocol, announced a major move on Nov. 7.

It said it had executed a $10 million open-market purchase of its own ZRO tokens, with the fresh buy adding to the company’s balance sheet.

LayerZero Labs has purchased $10m of ZRO for its balance sheet. https://t.co/GsUFGs8for

— LayerZero (@LayerZero_Core) November 6, 2025

“We at LayerZero Labs believe ZRO is currently one of the most mispriced assets in the world,” the announcement stated, emphasizing the protocol’s central role in facilitating a “once-in-a-generation change in the financial system” through global-scale, permissionless infrastructure.

ZRO had plummeted to a multi-month low of $1.28 earlier in the week.

This came amid a broader crypto downturn and the October 20 token unlock event that released 25.71 million ZRO into circulation.

On Nov. 7, the token experienced a robust rebound. It climbed from lows of $1.43 to $1.87.

Trading volume also spiked dramatically, with over $142 million exchanged across major platforms amid a 190% surge.

The unlock in late October had initially pressured prices, leading to a consolidation phase followed by a sharp dump as bearish sentiment gripped the market.

Bulls can now target gains to $2 or higher if prices hold key support levels in the $1.66-$1.52 region.

More about LayerZero

LayerZero’s proactive intervention signaled strong internal conviction, countering narratives of dilution and restoring faith among holders.

LayerZero now connects over 50 blockchains, including Ethereum, BNB Chain, Avalanche, and non-EVM networks like Aptos.

This enables seamless omnichain applications for decentralized finance (DeFi) projects such as Stargate Finance and Radiant Capital.

The buyback not only reduces circulating supply marginally but also positions ZRO as a cornerstone for governance and staking rewards, incentivizing long-term participation.

As could be the case, this action could catalyze further accumulation by large holders. The race for cryptocurrency treasury strategies could heat up for ZRO.

ZRO price today

ZRO has maintained its upward trajectory even as it trades at $1.66 and off intraday highs.

Gains of over 13% in the past 24 hours, as of writing, bring the weekly uptick to 8% and cut losses in the past month to 31%.

While in the red on longer time frames, the ZRO price is above a key downtrend line.

This positions the token above its recent support at $1.60, with intraday fluctuations ranging from a low of $1.64 to a high of $1.87.

Relative Strength Index (RSI) sits at 57, having pivoted from overbought conditions.

Meanwhile, the moving average convergence divergence indicator provides support with a bullish crossover.

• About 14% of wallets showed behaviour consistent with coordinated wash trading.
• Artificial trading peaked at 60% in December 2023 and dropped to 5% by May.
• ICE plans to invest up to $2 billion as Polymarket prepares for a regulated US return.

A new study by Columbia University researchers has found that nearly a quarter of all trading on Polymarket, one of the world’s leading decentralised prediction platforms, has been artificially inflated by wash trading over the past three years.

Using blockchain analytics, the researchers traced millions of transactions on the Polygon network and found widespread patterns of self-dealing that misrepresented market depth and liquidity.

The findings challenge the perceived transparency of blockchain-based prediction markets and raise deeper questions about how decentralised finance can preserve integrity while operating without traditional oversight mechanisms.

Algorithmic analysis exposes trading manipulation

The research team analysed millions of wallet transactions recorded on the Polygon blockchain, where all Polymarket activity is publicly verifiable.

By designing algorithms to detect repetitive and circular trading patterns, they identified that 14% of the platform’s 1.26 million wallets exhibited behaviour consistent with wash trading.

These accounts repeatedly transacted with each other but rarely interacted with the wider market, indicating self-dealing activity rather than genuine speculation.

According to the study, wash trading accounted for an average of 25% of total Polymarket transactions since 2021.

The frequency of this artificial activity fluctuated over time, peaking at 60% in December 2023 before declining to around 5% in May, only to climb again to roughly 20% by October.

The findings illustrate how easily decentralised markets can be manipulated when transaction costs are negligible and identities pseudonymous.

The authors, including Columbia Business School professors Yash Kanoria and Hongyao Ma, economist Rajiv Sethi of Barnard College, and doctoral student Allen Sirolly, emphasised that their estimates are not definitive.

However, the data suggests a consistent pattern that raises questions about how on-chain markets represent real sentiment and liquidity.

Token speculation may have fuelled artificial activity

While the study did not allege direct involvement by Polymarket itself, it identified structural features that make wash trading possible.

The exchange charges no transaction fees, supports self-custodied crypto wallets, and enables stablecoin settlements, allowing traders to operate multiple pseudonymous accounts without meaningful cost.

The researchers also linked several spikes in artificial volume to rumours of a potential Polymarket token launch.

In decentralised finance, such speculation can drive traders to inflate their activity in hopes of qualifying for “airdrop” rewards when a new token is released.

In early October, Polymarket founder Shayne Coplan posted on social media hinting at a possible token, coinciding with one of the sharp rises in wash trading.

Sirolly noted that authentic trading volumes tended to surge around real-world developments like election polls or sports results, whereas wash trading peaks aligned more closely with token-related rumours.

This suggests that some users were trading not for market insight but for eligibility in prospective reward distributions.

Regulatory context and industry competition

Polymarket, founded in 2020, has become one of the most active blockchain-based prediction platforms, allowing users to bet on political, financial, and cultural outcomes.

Its closest competitor, Kalshi Inc., operates under US regulation but does not run on a blockchain, limiting external scrutiny of its data.

The report’s timing is significant. In 2022, Polymarket reached a $1.4 million settlement with the Commodity Futures Trading Commission (CFTC) for operating an unregistered exchange and subsequently barred US users.

Despite regulatory pressure, Polymarket remains attractive to institutional investors.

Intercontinental Exchange Inc., owner of the New York Stock Exchange, recently signalled plans to invest up to $2 billion in the company, underscoring the mainstream financial world’s growing interest in blockchain prediction markets.

• ETF would hold DOGE directly, with Coinbase and BNY Mellon as custodians.
• REX-Osprey DOGE ETF launched in September 2025, setting a precedent.
• Analysts see a 90% chance of multiple Dogecoin ETFs trading by year-end.

Bitwise has taken a procedural leap that could see its spot Dogecoin ETF go live by late November, signalling a turning point for both regulatory practice and the mainstream acceptance of meme coins.

The asset manager updated its S-1 registration under Section 8(a) of the Securities Act, removing a delaying amendment that kept the fund from automatically becoming effective.

This change started a 20-day countdown, meaning the fund could launch unless the Securities and Exchange Commission (SEC) intervenes.

If unchallenged, the ETF could start trading around 26 November, marking a new milestone in digital-asset regulation.

Filing move reflects growing confidence in SEC approach

The update, noted on 7 November by Bloomberg ETF analyst Eric Balchunas, allows Bitwise to “let the clock run.”

Under Section 8(a), an ETF filing automatically takes effect after 20 days unless the SEC acts to stop or delay it.

This strategy is not common but fully permitted under US securities law.

It indicates that Bitwise is confident the SEC will not act against the fund in time, especially given the agency’s recent approval of several single-asset crypto products.

The regulatory shift suggests that the SEC is becoming more open to digital-asset exposure through tightly monitored instruments such as ETFs.

Inside Bitwise’s Dogecoin ETF structure

The proposed product will hold Dogecoin directly, storing tokens with Coinbase Custody Trust Company, while BNY Mellon will manage its cash reserves.

It is designed to track the CF Dogecoin-Dollar Settlement Price, offering investors direct exposure to the token’s spot performance.

Although Bitwise has not yet disclosed the ticker symbol or management fee, the ETF is expected to list on NYSE Arca.

Its design mirrors that of earlier single-asset crypto ETFs, which blend traditional finance infrastructure with digital-asset markets to provide institutional-grade access to cryptocurrencies.

Dogecoin ETFs move from novelty to serious investment class

Dogecoin, initially launched in 2013 as a light-hearted experiment, has transformed into an investable asset within regulated markets.

The REX-Osprey DOGE ETF, which launched in September 2025, was the first to bring the token into mainstream financial products.

Bitwise’s latest filing follows a broader wave of interest among asset managers.

Several issuers have recently updated or resubmitted their applications, often cutting fees to gain an early competitive edge.

Bloomberg analysts estimate a more than 90 percent chance that multiple Dogecoin ETFs could be trading by the end of the year, supported by the SEC’s gradual acceptance of crypto-based exchange-traded products.