A new filing has emerged for a Dogecoin exchange-traded fund (ETF), indicating a growing interest in memecoins. This registration, referred to as the “Bitwise Dogecoin ETF,” was submitted to the Delaware Department of State Division of Corporations recently, adding to the array of ETF applications from other firms such as Rex Shares and Osprey Funds seeking approval for Dogecoin-related ETFs. A green light from regulatory bodies like the U.S. Securities and Exchange Commission (SEC) could enhance Dogecoin’s legitimacy in the eyes of more traditional investors.
The legitimacy of this filing has been verified, addressing concerns that such submissions could sometimes be fraudulent attempts to create hype. Increasing interest around such ETFs has the potential to drive demand for Dogecoin, particularly after witnessing significant inflows into Bitcoin ETFs, which totalled around $50 billion last year.
As of Thursday, Dogecoin holds the title of being the largest memecoin with a market capitalization of approximately $51.98 billion. Over the past year, its price has seen a remarkable increase, largely attributed to speculative enthusiasm and notable developments in the crypto space, including the formation of an agency known as D.O.G.E. tasked with enhancing governmental efficiency.
Despite recent bullish movements, recent trends indicate that Dogecoin might encounter bearish corrections. The price had previously established support at a level around 0.33800 but has also faced resistance near 0.44200, which has contributed to price declines. Observers in the market are urged to keep a close eye on these levels to better assess future price action.
In addition to market movements, the D.O.G.E agency, historically linked to Elon Musk, has further stoked speculative interest in Dogecoin. This agency aims to streamline operations within the government and was recognized during a recent swearing-in ceremony. The agency’s website previously displayed the Dogecoin logo, which, despite its removal, has contributed to the narrative of a bullish trend for the memecoin.
Overall, as Dogecoin navigates market fluctuations and the potential for increased investment through new ETF registrations, it remains a focal point of interest for both traders and investors looking to capitalize on the evolving landscape of cryptocurrencies.