- US-based Bitwise firm has filed for a Dogecoin ETF as per recent reports.
- The crypto community has been anticipating the memcoin’s ETF for quite some time.
While we get accustomed to the bullish crypto environment, more optimism keeps arriving. In the past day, it was the news of acting SEC chairman, Mark Uyeda’s announcement of a crypto task force. These incidents highlight particular postulates from the Trump crypto manifesto being realized. Prices in the market continue to hold upward after Bitcoin’s recent new all-time high.
Notably, a few hours ago, US ETF issuer Bitwise filed for a Dogecoin ETF as per recent reports. The firm’s movement was observed from its registration on the Delaware website. This is the first ETP firm to initiate processes for DOGE’s ETF product, although discussions for such a product have been circulating earlier.
Moreover, Matt Hougan, Bitwise’s Chief Investment Officer, confirmed the Dogecoin ETF registration, as The Block reports. Leading ETF analysts have previously wondered about capital investment firms’ lack of interest in such a product. For instance, Nate Garcia, the ETF Store’s president, only posted on X discussing the same last week.
I remain shocked that no issuer has filed for Dogecoin ETF…
— Nate Geraci (@NateGeraci) January 16, 2025
7th largest digital asset by market cap.
Worst case, it’s a marketing expense for the issuer.
Best case, you get an extremely lenient SEC who approves it, along w/ Elon touting it.
Furthermore, the ETF is also the first ETP product for a memecoin. This filing is definitely expected to have a bullish effect on DOGE’s price. The cryptocurrency has yielded to bearish control, particularly in the past week.
Will Dogecoin ETF Filing Fuel the Crypto’s Bulls?
On viewing its weekly chart, Dogecoin shows multiple bearish candles as the price has plummeted to the $0.34 level after hitting a weekly high of $0.4332. Particularly, in the last 24 hours, the memecoin factored in an additional 5% drop plummeting to aforementioned levels. At the time of writing, DOGE was trading at $0.3504 as per CMC data.
DOGE’s technical indicators – bull bear power indicators suggest that the cryptocurrency still holds a window of opportunity for a bullish return. Its bull power indicator value is 2.45, while its bear power indicator value is at -3.72 as per TradingView data.
Recently Elon Musk endorsed DOGE in his “DOGE to Mars” comment, although the cryptocurrency continued to plunge. Finally, the SEC’s crypto task force remains the highlight of the community.
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