Bitwise has filed a registration for a Dogecoin
exchange-traded fund (ETF), reflecting rising interest in memecoins. The
filing, titled “Bitwise Dogecoin ETF,” was submitted yesterday (Wednesday)
and listed on Delaware’s Department of State Division of Corporations.
While such filings are sometimes hoaxes, Bitwise confirmed
its legitimacy to The Block.
Dogecoin ETF Filing Boosts Investor Interest
This move follows recent ETF applications from investment
managers Rex Shares and Osprey Funds, including one for Dogecoin. Approval from
regulators like the US Securities and Exchange Commission (SEC) could
legitimize Dogecoin and attract conservative investors.
Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (vs some whack job committing forgery for a quick pump a la BlackRock XRP that one time). pic.twitter.com/MxoswD0IFy
— Eric Balchunas (@EricBalchunas) January 22, 2025
Analysts speculate that increased demand could boost
Dogecoin prices, given the $50 billion inflows seen by Bitcoin ETFs last year.
Dogecoin Hits $51.98 Billion Market Cap
Dogecoin is the largest memecoin globally, with a market
capitalization of $51.98 billion as of Thursday. Its price has tripled in the
past year, driven by speculative interest and recent developments, including
the establishment of a US Department of Government Efficiency, abbreviated as
D.O.G.E.
DOGEUSD Faces Bearish Correction
DOGEUSD has been 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 acted as resistance and has been
pushing the price lower.
The price is now moving back towards the support,
following a bearish trend line. Traders should closely monitor the 0.33800
level and the price action around the trend line to determine the next
direction on the intraday charts.
D.O.G.E Agency and Dogecoin Fuel Speculation
The non-governmental agency, led by Elon Musk, was designed
to streamline government operations and reduce costs. The agency was formally
acknowledged during Donald Trump’s swearing-in ceremony on Monday.
A brief appearance of the Dogecoin logo on the D.O.G.E
website earlier this week has fueled market speculation. Although the logo was
removed, traders see Dogecoin as a speculative play tied to the agency’s work,
further boosting demand.
This article was written by Tareq Sikder at www.financemagnates.com.
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