In a significant development for the cryptocurrency market, Bitwise has registered a legal entity for a Dogecoin ETF, fueling speculation of an upcoming filing with the U.S. Securities and Exchange Commission (SEC). This news briefly sent Dogecoin (DOGE) soaring to $0.373, before settling around $0.36.
The registered entity, titled “BITWISE DOGECOIN ETF,” is considered a precursor to the official SEC filing, which is expected to come soon. This move is in line with Bitwise’s efforts to gain approval for a Dogecoin exchange-traded fund, a process that often begins with establishing the legal structure before submitting Form S-1 to the SEC. This would allow Dogecoin to join other digital assets that have been proposed for ETF listings.
Whale Activity and Price Predictions Surge
Following the news, whale activity in the Dogecoin market spiked, with 590 million DOGE tokens being accumulated in just one day. Analysts are closely watching the situation, with some forecasting that Dogecoin could surge as high as $2 or even $15 if the ETF is approved. The excitement is also reflected in technical analysis, with bullish patterns emerging that suggest significant price gains.
Bloomberg ETF analyst Eric Balchunas confirmed that this move is legitimate, stating, “This is real and not a market manipulation scheme.” He also noted that a Dogecoin ETF could launch as early as April 2025, provided it receives approval.
Impact of the Potential ETF Filing
A Dogecoin ETF could open the door to institutional adoption of the cryptocurrency, offering a more accessible investment vehicle for both institutional and retail investors. The recent approval of Bitcoin and Ethereum ETFs has further fueled optimism in the crypto space, and with the resignation of former SEC Chair Gary Gensler, there is growing confidence that a spot cryptocurrency ETF could soon be greenlit.
Additionally, Rex Osprey, an asset manager managing $8 billion, has filed for a Dogecoin fund, adding to the momentum surrounding crypto ETFs.
With the possibility of the SEC granting approval for a Dogecoin ETF, the market is brimming with anticipation, and Dogecoin investors are eagerly awaiting further developments.
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