Bitwise’s filing for a Dogecoin ETF has sparked market optimism, with analysts anticipating a potential price surge for the meme coin.
San Francisco-based crypto asset manager Bitwise Asset Management has made headlines with its recent filing for a Dogecoin exchange-traded fund (ETF) in Delaware. This move, confirmed by the firm’s Chief Investment Officer, marks an important moment in the evolution of Dogecoin DOGE $0.24 24h volatility: 1.6% Market cap: $36.24 B Vol. 24h: $3.28 B from a meme coin to a legitimate financial asset. Renowned Bloomberg ETF analyst Eric Balchunas verified the filing on X, stating:
“I checked and this is def legit.”
Earlier this month, ETF Store President Nate Gercai said on X that an “extremely lenient SEC” might approve a Dogecoin ETF, particularly if Elon Musk lends his vocal support.
Dogecoin’s Journey from Joke to Investment Asset
The filing follows growing speculation about when Dogecoin, the seventh-largest cryptocurrency by market capitalization, would receive an ETF of its own. Its creators, software engineers Billy Markus and Jackson Palmer, initially designed Dogecoin as a lighthearted joke in 2013. However, the token has gained massive traction over the years, rising 350% in the past year.
Bitwise is not alone in recognizing the potential of Dogecoin ETFs. Other financial firms, such as Osprey Funds and Rex Shares, have also filed similar proposals. These developments come as the US Securities and Exchange Commission (SEC) ramps up its engagement with cryptocurrency through a newly established crypto task force. Led by Commissioner Hester Peirce, the task force aims to accelerate regulatory clarity and approval processes for various digital assets, including Solana (SOL), XRP, and Dogecoin (DOGE).
DOGE Price Trajectory
DOGE boasts a market cap of over $52 billion, driven largely by community enthusiasm and endorsements from figures like Elon Musk. The token, which is known for its ability to rally sharply on the back of positive trends, is yet to react to the new ETF filing. It is currently trading at $0.3535, a slight dip of 3% in the past 24 hours.
The filing has sparked mixed reactions across social media, with some celebrating the potential listing as a transformative moment for Dogecoin. “It’s not just an Exchange Traded Fund; it’s Exchange Trading Fun”, quipped one X user.
#Dogecoin $DOGE ETF will send it to $15! https://t.co/4peKi93NZX pic.twitter.com/gRqDdoXhob
— Ali (@ali_charts) January 22, 2025
Market analysts are also optimistic about Dogecoin’s future, with technical indicators suggesting a potential bullish breakout. The DOGE price chart shows a “bull flag” pattern along with a positive relative strength index (RSI), signaling an upward trajectory in the near future.
Analysts predict a close above $0.36226 could push DOGE toward $0.43521 in the short term, with some setting a long-term target of $1 by 2025.
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