In a landmark move, Bitwise Asset Management has filed for a Dogecoin-focused exchange-traded fund (ETF) with the Delaware Department of State’s Division of Corporations. The “Bitwise Dogecoin ETF” is the first of its kind, marking a significant step for the popular meme cryptocurrency, Dogecoin. Matt Hougan, Bitwise’s Chief Investment Officer, confirmed the filing on January 23, describing it as a bold move into the regulated U.S. market.
Dogecoin, created in 2013 by Billy Markus and Jackson Palmer as a satirical take on the cryptocurrency space, has grown into the seventh-largest cryptocurrency by market capitalization. The recent push for a Dogecoin ETF highlights the coin's evolution from a joke to a legitimate financial asset.
At the time of writing, Dogecoin was trading at $0.3501, experiencing a 3.55% intraday drop, with a market cap of $51.73 billion and a 24-hour trading volume of $2.67 billion. Over the past week, $DOGE recorded a decline of 6.28%, but its one-month growth of 10.02% has kept the meme coin in the spotlight.
Source: CoinMarketCap
Analysts have highlighted Dogecoin's long-term potential, especially if the Dogecoin ETF is approved. Crypto analyst Ali Martinez predicts the $DOGE price could reach $15 if the ETF gains approval, emphasizing the technical strength of its ascending channel pattern on the weekly chart. Short-term predictions suggest that a rebound from the lower boundary of this channel could push the Dogecoin price toward $0.4400, while a breach below $0.3000 could trigger additional selling pressure.
The Dogecoin ETF news coincides with significant developments for other cryptocurrencies. CME Group has hinted at the potential launch of XRP and Solana ETFs, with a tentative approval date of February 10, pending regulatory confirmation. Meanwhile, major players like BlackRock, Grayscale, and WisdomTree are competing to introduce similar products.
These institutional moves, including Bitwise's ETF filing, could legitimize cryptocurrencies like Dogecoin, XRP, and Solana further. With growing adoption and regulatory clarity, the Dogecoin ETF potential could spark a wave of new inflows, ensuring a robust future for the meme coin. However, whether Dogecoin Elon Musk-backed $DOGE will reach $1 remains a question for the market to decide.
Also read: Is Ethereum Truly Decentralized? Vitalik Buterin's Leadership Stance