Dogecoin Could Skyrocket 4,166% To $15 If Bitwise Dogecoin ETF Is Approved, Top Analyst Says

Bitwise, a crypto index fund manager, has proposed launching a Dogecoin ETF. Analyst Ali Martinez predicts that this could lead to a surge in Dogecoin's value, potentially reaching $15.

Bitwise filed its proposal with the Delaware Department of State's Division of Corporations on Wednesday.

Institutional Validation for Dogecoin

Bitwise's ETF proposal follows a series of similar applications submitted by Rex Shares and Osprey, including one for a DOGE investment product. The approval of a Dogecoin ETF would grant the largest meme coin by market cap, initially created as a joke in 2013, access to a pool of institutional investors.

Potential Price Surge

Martinez believes that the approval of a Dogecoin ETF could trigger a surge in the coin's price to $15. This is based on the assumption that Dogecoin ETFs will capture a portion of the over $50 billion inflows seen in Bitcoin ETFs over the past year.

Recent Market Volatility

Despite the ETF proposal, Dogecoin's price has seen a decline of over 4% in the past 24 hours, trading at $0.3521 as of 2:12 a.m. EST. This follows a broader negative trend over the past week.

Elon Musk's Influence

Dogecoin's market capitalization has witnessed a significant increase in the past year, largely due to its popularity as a speculative trade. Its performance has also been influenced by the endorsement of Tesla CEO Elon Musk.

Musk's launch of the Department of Government Efficiency (DOGE) has further contributed to the meme coin's gains. The department's official website briefly displayed Dogecoin's logo, leading to a price surge.

Dogecoin's Mission

Dogecoin has embarked on a mission to reduce US government spending by closing down certain departments and cutting down government employees.