Close up on logo of dogecoin on the screen of an exchange. Source: maurice norbert - stock.adobe.com

Key Takeaways:

Bitwise has filed for a Dogecoin ETF, signaling growing interest in memecoins.
Approval could bring institutional credibility to Dogecoin, potentially affecting its price.
Dogecoin’s value has tripled, influenced by market trends and the new D.O.G.E agency.

Bitwise has officially filed for a Dogecoin ETF, signaling a growing interest in memecoins as a significant market segment.

This filing occurred shortly after investment managers Rex Shares and Osprey Funds also submitted paperwork for various crypto ETFs, including one for Dogecoin.

JUST IN: Bitwise files Dogecoin $DOGE ETF.
— Watcher.Guru (@WatcherGuru) January 22, 2025

The potential approval of such an ETF by the SEC could provide Dogecoin with much-needed institutional credibility, potentially drawing in more conservative investors.

If the Dogecoin ETF manages to capture even a small portion of the investment inflows seen by Bitcoin ETFs, which have seen over $50 billion in the last year, it could significantly increase the price of DOGE.

Currently, Dogecoin holds the title of the world’s largest memecoin with a market capitalization of $52 billion as of Thursday.

Over the past year, its value has tripled, driven by Bitcoin’s market performance and the recent establishment of the Department of Government Efficiency (D.O.G.E) in the U.S.

This non-governmental agency, led by Elon Musk, aims to streamline federal operations and was recognized during Donald Trump’s inauguration.

The D.O.G.E website initially featured a Dogecoin logo, which was later removed, but the connection has sparked trader interest, seeing DOGE as a speculative investment tied to the agency’s work.

This development has further fueled demand for Dogecoin in the market.