Bitwise has just submitted an application for a Dogecoin ETF, and despite the anxiety preceding the FOMC meeting, Elon Musk’s initiatives surrounding DOGE are expected to enhance its price.
Market Overview
The crypto market hasn’t reacted as anticipated in light of the latest developments regarding Dogecoin. Although Bitwise has filed for a Dogecoin ETF, signaling significant institutional interest in meme coins, the price of DOGE has dropped nearly -16% this week, trading at $0.32, compared to its three-year high of $0.475 from last November.
Elon Musk’s recently announced Department of Government Efficiency (DOGE) has sparked theories about how Dogecoin might play a role in future government spending, but its impact remains a topic of speculation.
What’s Next for Dogecoin?
The submission of Bitwise’s ETF follows its prior trust registration, a step usually leading to the formal application process. Institutional investors are closely monitoring this situation as it could provide a new pathway for DOGE to gain traction in traditional markets.
As we navigate these developments, the future of DOGE rests on both institutional interest and potential regulatory approval.
“NEW: Bitwise just filed for a spot Dogecoin ETF. Odds a $DOGE ETF is approved this year shot up to 56%.”
— Polymarket (@Polymarket)
With the SEC assessing the application within a 240-day timeline, market participants are advised to prepare for opportunities that could arise amid these changes.
