Bitwise Seeks Approval for First Dogecoin ETF Amid Growing Market Interest

Bitwise Seeks Approval for First Dogecoin ETF Amid Growing Market Interest
دوجكوين

Bitwise Asset Management, a leading cryptocurrency asset management firm, has officially submitted a request to the Delaware Department of State to register the first-ever Dogecoin exchange-traded fund (ETF). This move signals increasing institutional interest in Dogecoin and could pave the way for its broader acceptance in traditional financial markets.

SEC Approval Odds: A 50% Chance by 2025?

Following the announcement, market speculation surged regarding the likelihood of U.S. Securities and Exchange Commission (SEC) approval, with experts estimating a 50% chance of approval by 2025.

A Competitive ETF Landscape

Bitwise's application comes just two days after asset management firm REX Shares filed a similar proposal for a Dogecoin ETF. REX Shares has also sought approval for ETFs tied to various cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, Bonk, and the meme coin TRUMP, intensifying competition in the crypto ETF market.

Political Influence and New Catalysts for Dogecoin

Dogecoin has seen renewed interest following U.S. President Donald Trump's announcement of the creation of a Department of Government Efficiency, abbreviated as "DOGE," a nod to the cryptocurrency's iconic symbol. Originally expected to be led by figures such as Elon Musk and politician Vivek Ramaswamy, Ramaswamy recently withdrew from the role, leaving Musk and his team to spearhead the initiative.

Dogecoin's Market Performance

Despite the excitement, Dogecoin's price saw a 5.05% decline over the past 24 hours, trading at $0.34. According to CoinMarketCap data, Dogecoin currently ranks as the eighth-largest cryptocurrency by market capitalization.

Read also:

Dogecoin and XRP lead the cryptocurrency rally amid significant market developments

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Hurry to buy the Bitcoin dip: Standard Chartered


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