Bitwise has filed to register a Dogecoin exchange-traded fund (ETF), reflecting growing interest in memecoins. The application, titled “Bitwise Dogecoin ETF,” was filed yesterday (Wednesday) and listed with the Delaware Department of State’s Bureau of Corporations.
While such claims may be false, Bitwise confirmed their legitimacy to The Block.
Dogecoin ETF application increases investor interest
The move follows recent ETF filings by investment management companies Rex Shares and Osprey Funds that include Dogecoin. Approval from regulators such as the U.S. Securities and Exchange Commission (SEC) could legitimize Dogecoin and attract conservative investors.
A Bitwise Doge ETF is also likely coming soon. And yes, I checked and this is definitely legit (as opposed to the terrible job they once did of faking it for a quick pump like BlackRock XRP). pic.twitter.com/MxoswD0IFy
— Eric Balchunas (@EricBalchunas) January 22, 2025
Analysts speculate that Dogecoin’s price could rise due to increased demand, given the $50 billion inflows into Bitcoin ETFs last year.
Dogecoin reaches market cap of $51.98 billion
Dogecoin is the world’s largest meme coin, with a market capitalization of $51.98 billion as of Thursday. Its price has tripled in the past year due to speculative interest and recent developments such as the creation of the US Department of Government Efficiency (DOGE).
DOGEUSD faces bearish correction
DOGEUSD is undergoing a bearish correction on the H1 chart. The price previously found horizontal support at 0.33800 and made a bullish move. However, the 0.44200 level is acting as a resistance level and pushing the price lower.
The price is currently moving back towards support following the bearish trend line. Traders should closely monitor the price movement around the 0.33800 level and trend line to determine the next direction on the intraday chart.
DOGE Agency and Dogecoin Fuel Speculation
The non-governmental agency, headed by Elon Musk, was designed to streamline government operations and reduce costs. The agency was formally recognized at President Donald Trump’s swearing-in ceremony on Monday.
Market speculation increased after the Dogecoin logo briefly appeared on DOGE’s website earlier this week. Although the logo has been removed, traders believe that Dogecoin is a speculative play connected to the agency’s operations, which will further increase demand.
This article was written by Tareq Sikder from www.financemagnates.com.
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