Bitwise plans to launch the $DOGE ETF. DOGE enthusiasts could benefit from this development.
Let’s take a look at what this means, how DOGE is performing, and the excitement surrounding DOGE ETF.
What is happening?
According to James Seyffart, an ETF expert from Bloomberg, Bitwise has created a trust in Delaware named “BITWISE DOGECOIN ETF.” This is a common setup for asset managers preparing to launch ETFs. While this does not guarantee an immediate filing with the US SEC, it signals that the race to create crypto ETFs is heating up – and Dogecoin is part of the action.
The Bitwise Doge ETF will probably be available soon… and yes, I checked and it’s totally legit (against some stupid job committing counterfeiting for a quick BlackRock XRP pump that time). pic.twitter.com/MxoswD0IFy
– Eric Balchunas (@EricBalchunas) January 22, 2025
But Bitwise isn’t the only player in town. REX Shares filed its application with the SEC for DOGE alongside a proposed ETF featuring the Trump-themed ETF. REX Shares has developed a format that implies that DOGE ETFs will hit the market sooner than Ripple XRP, Solana or Litecoin ETFs. The structure serves to shorten and simplify the regulatory approval process.
Good point about the Doge/Trump ETF filing, these are Act 40 filings and so (theoretically, if not deprecated) could hit the market in early April (75 days after the deposit) and beat the XRP, Solana, Litecoin ETFs. in British Columbia, these must file Forms 19b-4 which have a 240 day clock.…
– Eric Balchunas (@EricBalchunas) January 21, 2025
How is DOGE holding up?
Despite the ETF buzz, DOGE price hasn’t looked very good lately. It has fallen about 9.7% over the past week, according to CoinMarketCap. However, on a more positive note, DOGE’s daily chart still shows an uptrend with prices bouncing off key trendline support near $0.30.
If this support holds, DOGE could rise as high as $0.45. But if it breaks, $0.30 will be the critical level to watch. Trading volumes have slowed, which usually means sellers are running out of steam. Additionally, indicators such as the Relative Strength Index (RSI) suggest that some positive momentum may still be in play.
JUST IN: Bitwise Dogecoin Files $DOGE ETFs.
– Watcher.Guru (@WatcherGuru) January 22, 2025
Conclusion
Bitwise’s decision to file a $DOGE ETF shows how the crypto market is reflecting the growing popularity of memecoins. DOGE enthusiasts should follow both cryptocurrency price movements and developments in the approval of these ETFs, as these events promise an exciting future.
Disclaimer
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