TLDR
- Bitwise has lodged a 19b-4 application to the SEC for a Dogecoin ETF, with Coinbase Custody and BNY Mellon overseeing asset management.
- According to Polymarket, chances for a Dogecoin ETF approval have jumped from 55% to 66%, reflecting shifting investor sentiment.
- Although there's been progress with the ETF, DOGE's value has seen a 15.79% decrease to $0.19, and trading activity has fallen by 11.69%.
- Many asset managers like Grayscale and Rex Shares are similarly seeking the green light for a Dogecoin ETF.
- Dogecoin found a foothold at $0.1826 and now shows preliminary signs of rebounding.
Dogecoin is making headway towards mainstream inclusion, bolstered by Bitwise's significant SEC ETF filing amid market turbulence.
NYSE Arca filed the 19b-4 Bitwise is advancing closer to providing a regulated Dogecoin investment path, potentially utilizing the NYSE Arca Commodity-Based Trust Shares structure.
Coinbase Custody is set to secure the ETF's assets, while BNY Mellon will handle administrative and financial responsibilities, aligning with frameworks from approved Bitcoin ETFs.
Initially, Bitwise initiated an S-1 registration early this year, and their recent 19b-4 filing is another step forward in achieving a Dogecoin ETF.
Utilizing a cash creation model, the DOGE ETF won't involve physical coin transactions. Its valuation will rely on the CF Dogecoin-Dollar Settlement Price to maintain market accuracy.
Market Analysis
There is a noticeable uptrend in the market's expectations for ETF approval likelihoods. As per Polymarket's insights... ...there's renewed belief, increasing approval odds to 66% for a Dogecoin ETF by 2025, pointing to rising confidence among market participants.
Bitwise isn't the lone contender; Grayscale and Rex Shares are also in the pursuit, with Grayscale already acknowledged by the SEC.
From a regulatory perspective, moves are favorable, yet Dogecoin's price hasn't matched this, dropping 15.79% to $0.19, alongside a reduced trading volume of 11.69%.
Technically, DOGE has pinned a short-term bottom at $0.1826 and is hinting at possible recovery, breaking through resistance lines.
Resistance is anticipated between $0.2050 and $0.2120, which DOGE must surpass for upward momentum; failure could revert prices to $0.1950 or even $0.1820.
Technical charts produce a mixed bag: while the hourly MACD shows weakening bearish trends, the RSI lifting past 50 signifies emerging strength.
Cryptocurrency ETFs are expanding, targeting major altcoins such as Cardano, Solana, Polkadot, Litecoin, and XRP, reflecting a shifting regulatory environment. just Dogecoin. Offering a structured exposure avenue, the ETF would let investors delve into Dogecoin without the complexities of direct ownership and come with potential tax benefits over traditional buying.
For potential investors, a Dogecoin Though spot Bitcoin ETFs have recently gained traction after prolonged disapproval, memecoin ETFs face increased scrutiny due to their inherent volatility, but prior approvals set a potential course for Dogecoin.
A pivotal checkpoint in the approval process will be the SEC's formal acknowledgment of the 19b-4 application, triggering a 240-day timetable for a decision, although outcomes might emerge sooner.
Investors will keep a watchful eye for regulatory insights that might unfold in the coming weeks. Meanwhile, DOGE price movements will likely echo broader market narratives.
Maisie, passionately invested in Crypto & Financial journalism, leads narratives at Moneycheck.com, level-up-casino-app.com, Computing.net, and as Editor-in-Chief at Blockfresh.com.
