Bitwise Files for Dogecoin ETF While Musk’s D.O.G.E Agency Sparks Hype

Bitwise has filed a registration for a Dogecoin exchange-traded fund (ETF), reflecting rising interest in memecoins. The filing, titled "Bitwise Dogecoin ETF," was submitted yesterday (Wednesday) and listed on Delaware's Department of State Division of Corporations.

While such filings are sometimes hoaxes, Bitwise confirmed its legitimacy to The Block.

Dogecoin ETF Filing Boosts Investor Interest

This move follows recent ETF applications from investment managers Rex Shares and Osprey Funds, including one for Dogecoin. Approval from regulators like the US Securities and Exchange Commission (SEC) could legitimize Dogecoin and attract conservative investors.

Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (vs some whack job committing forgery for a quick pump a la BlackRock XRP that one time). pic.twitter.com/MxoswD0IFy

Analysts speculate that increased demand could boost Dogecoin prices, given the $50 billion inflows seen by Bitcoin ETFs last year.

Dogecoin Hits $51.98 Billion Market Cap

Dogecoin is the largest memecoin globally, with a market capitalization of $51.98 billion as of Thursday. Its price has tripled in the past year, driven by speculative interest and recent developments, including the establishment of a US Department of Government Efficiency, abbreviated as D.O.G.E.

DOGEUSD Faces Bearish Correction

DOGEUSD has been undergoing a bearish correction on the H1 chart. The price previously found horizontal support at 0.33800 and made a bullish move. However, the 0.44200 level acted as resistance and has been pushing the price lower.

The price is now moving back towards the support, following a bearish trend line. Traders should closely monitor the 0.33800 level and the price action around the trend line to determine the next direction on the intraday charts.

D.O.G.E Agency and Dogecoin Fuel Speculation

The non-governmental agency, led by Elon Musk, was designed to streamline government operations and reduce costs. The agency was formally acknowledged during Donald Trump’s swearing-in ceremony on Monday.

A brief appearance of the Dogecoin logo on the D.O.G.E website earlier this week has fueled market speculation. Although the logo was removed, traders see Dogecoin as a speculative play tied to the agency's work, further boosting demand.