Will Bitwise’s Dogecoin ETF Launch Boost DOGE Prices?

Following the approval and launch of Bitcoin spot ETFs, the broader crypto market has opened new avenues for investors seeking exposure to cryptocurrencies without direct ownership. This debut has also presented opportunities for institutional investors to offer ETFs for other leading digital assets, such as Dogecoin and XRP.

In a recent development, Bitwise filed an S-1 form with the U.S. Securities and Exchange Commission, formalizing its intention to offer a Dogecoin spot ETF. This move comes after Bitwise's initial registration in Delaware on October 22, signaling its plans to launch a Doge ETF.

Bitwise's filing marks the second such application seeking regulatory approval for a Dogecoin spot ETF. Experts believe that this trend is driven by the growing adoption and popularity of memecoins in recent quarters, supported by the launch of the Official Trump token.

At the time of writing, Dogecoin was trading at $0.3284, with an intraday gain of 2.27% but a decline of 10.86% over the past 24 hours. Dogecoin's market capitalization has fallen to $48.57 billion with a 2.05% loss, while trading volume has declined by approximately 50% to $1.86 billion.

Dogecoin's price has remained below $1, trading above its 100-day and 200-day exponential moving averages but below its 20-day and 50-day EMAs. Over the past 52 weeks, Dogecoin has ranged between a high of $0.4835 and a low of $0.3065. Its all-time high was $0.7376 on May 8, 2021, and its all-time low was $0.00008547 on May 7, 2015.

Speculations suggest that the approval and launch of a Doge spot ETF could boost Dogecoin's price, popularity, and adoption, potentially pushing it above $1. However, there is no guarantee that it will perform similarly to Bitcoin following the launch of its spot ETF.

Beyond Dogecoin, other memecoins have also gained significant traction. According to CoinMarketCap, the market capitalization of the memecoin market has reached $92.32 billion with trading volume exceeding $10 billion. The newly debuted Official Trump memecoin has captured substantial attention, ranking third among the thousands of listed memecoins in terms of market capitalization.