Bitwise Moves to Launch Dogecoin ETF Amidst Market Buzz

Bitwise Files for Dogecoin ETF in Delaware

In a significant development, Bitwise Asset Management has submitted a registration application for a Dogecoin exchange-traded fund (ETF) in Delaware. This filing, made on January 22, 2025, coincides with growing institutional interest in digital assets, particularly memecoins like Dogecoin (DOGE).

The potential approval of the Bitwise Dogecoin ETF could unlock substantial investment, similar to the inflows seen with Bitcoin ETFs. Analysts predict that the ETF could significantly boost DOGE's market value, with some forecasting prices as high as $15.

Despite the initial filing, Dogecoin's price has experienced volatility. Following the announcement, DOGE declined approximately 5%. However, experts suggest this downtrend may be part of profit-taking after recent market gains.

Bitwise's application aligns with the Biden administration's promise to foster a crypto-friendly regulatory environment, a shift from the previous administration's stricter oversight.

As Bitwise navigates the regulatory process, the impact of this move on Dogecoin and the broader cryptocurrency market remains to be seen.