Will DOGE Bulls Return as Bitwise Initiates Dogecoin ETF Filing?

US-Based Firm Bitwise Files for Dogecoin ETF

The cryptocurrency community has eagerly anticipated a Dogecoin exchange-traded fund (ETF) for some time. According to recent reports, Bitwise, a US-based ETF issuer, has filed for a Dogecoin ETF.

Background and Significance

This move aligns with the bullish sentiment in the crypto market, bolstered by the formation of a crypto task force under the leadership of acting SEC chairman Mark Uyeda. The Dogecoin ETF is particularly significant because it is the first ETP product for a memecoin.

Firm's Confirmation and Analyst Reflections

Matt Hougan, Bitwise's Chief Investment Officer, confirmed the filing. Leading ETF analysts had previously expressed surprise at the lack of interest in a Dogecoin ETF from capital investment firms.

Potential Impact on Dogecoin Price

The filing is expected to have a positive impact on the price of Dogecoin, which has experienced a recent downside trend. The memecoin's technical indicators suggest that there is potential for a bullish reversal.

Other Notable News

• Elon Musk's endorsement of Dogecoin with his "DOGE to Mars" comment has not yet translated into a price surge.
• The SEC's crypto task force remains a focal point of discussion within the community.
• Upbit and Bithumb will pay $2.4 million to users for a network outage on Martial Day.