Altcoins Surge Amid ETF Optimism And Buyback Initiatives

According to CoinDesk, alternative cryptocurrencies, notably XRP and Dogecoin (DOGE), experienced significant gains on Friday, driven by optimism surrounding spot ETF applications and strategic buyback programs. The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale's applications for XRP and DOGE spot ETFs, as indicated by updates from the market regulator on February 13. These applications will now be submitted to the SEC's federal register, initiating a 240-day period for review and decision-making. The recent surge in altcoin ETF filings, including those for Solana's SOL and Litecoin (LTC), reflects growing expectations for the integration of cryptocurrencies into mainstream finance under U.S. President Donald Trump's administration. The potential approval of XRP and DOGE spot ETFs, which are regulated and familiar investment vehicles, could simplify institutional exposure to these cryptocurrencies without the need for direct purchase and storage. This development is anticipated to enhance market liquidity and increase demand for these tokens. XRP saw a notable increase, trading at $2.73, marking a 10% rise over a 24-hour period, making it the best-performing cryptocurrency among the top 100 by market value. DOGE also experienced a 4% increase, as reported by CoinDesk and Coingecko. Analyst Valentin Fournier from BRN highlighted the SEC's acceptance of ETF applications for XRP and Dogecoin as a significant development, adding to the growing list of altcoin ETF reviews, including Solana and Litecoin. If approved, these products could significantly expand institutional access to altcoins, potentially setting the stage for an alt-season later this year. In addition to regulatory developments, Jupiter's JUP token also saw a 10% increase, driven by the decentralized exchange's plan to allocate 50% of its protocol fees toward repurchasing and locking JUP tokens for three years starting February 17. This initiative aims to reduce the token's circulating supply and enhance the platform's sustainability. Meanwhile, Bitcoin (BTC) continued to trade around $97,000, showing lackluster performance amid ongoing outflows from U.S.-listed spot exchange-traded funds (ETFs). The 11 spot BTC ETFs listed in the U.S. have experienced a cumulative net outflow of $650 million this week, according to Farisde Investors. Despite the subdued price action, there is optimism against the backdrop of higher-than-expected U.S. CPI and PPI releases this week. Fournier expressed a bullish outlook, citing Bitcoin's resilience in the face of high inflation and improving regulatory clarity, suggesting that this accumulation phase may lead to a strong rally in the coming weeks.