Dogecoin is the ultimate longshot; one tweet from Elon Musk and the price can skyrocket. Add to that the fact that Trump loves memes and suddenly the entire meme coin category is on fire again. Now, Bitwise has also filed formal application (an S-1) with the SEC for a Dogecoin ETF, thereby taking yet another step towards the integration of these meme coins into the mainstream. If this materializes, it means that the Doge Army has finally gained the attention of the mainstream finance world.
Why Everyone Should Care About a Dogecoin ETF
Now, here’s the thing: Bitwise actually filed its S-1 immediately after it registered in Delaware, so it’s clear that this is a serious initiative that the company plans to push through. Other companies like Osprey Funds and Rex Shares are also trying to list a Dogecoin ETF. However, the price declined by about 4% after the news. That’s crypto for you — complete mayhem.
Nevertheless, the real driver could be tied to the pro-crypto administration of Trump. The new Department of Government Efficiency under Trump pushed people to think that crypto will be used on a larger scale in the future. Also, Trump has signed an executive order to create a federal regulatory framework for digital assets, and has nominated Paul Atkins, a known crypto supporter, to chair the SEC. In other words, we may be seeing less hostile regulations for digital assets in the near future.
Dogecoin: Still a Meme Coin That’s Headed to the Top
No one is going to joke about Doge now. It is still hovering around $0.32, has a market capitalization of $47 billion and has daily trading volumes of more than $1 billion. That’s not chump change. Bitwise’s CIO, Matt Hougan, notes that there is a lot of interest from people who are interested in investing in Dogecoin, which has become the sixth-largest cryptocurrency.
Despite the fact that DOGE fell by about 0.8% in the last day, it is still popular among retail traders who are looking to get their money into something that has low entry cost and high potential to gain. If a DOGE ETF is established, it may give DOGE a major boost in terms of legitimacy and may even attract some institutional investors. Crypto analyst Ali Martinez is confident that DOGE can rise to $15 if the ETF is approved.
With Doge still being below $1, there are some people who see this as a perfect time to accumulate – memecoins are not yet dead.
The Meme Coin Moment
To this day, there is no clear definition of what constitutes a regulatory framework, but this is not the case when it comes to meme coins – after Trump and the First Lady got involved in the meme coins, things have changed. Who would have thought that a joke can become so popular? But be warned: there are many analysts who also say that these coins can go to zero in case the hype dies down and regulators come knocking.
Therefore, if you are the type of person who enjoys the adrenaline that comes with risk, then Dogecoin can keep you on the edge of your seat. Please note: Meme coins are fun, but they are all fun until they are not a fun thing; please, do your homework and watch the news. If this ETF manages to get the green light, we might see another great run of DOGE. Get ready, Doge Army, for either the moon or the ground. OOF!
