Dogecoin ETF Emerges Amid Rising Popularity of Musk’s D.O.G.E
The post Dogecoin ETF Emerges Amid Rising Popularity of Musk’s D.O.G.E appeared on BitcoinEthereumNews.com.
Bitwise’s Dogecoin ETF filing signals a serious effort to legitimize the memecoin, potentially attracting institutional investors and increasing its market credibility. Dogecoin’s recent surge is fueled by its link to the D.O.G.E. agency, led by Elon Musk, and growing institutional interest. Amid the rising demand for meme-based cryptocurrencies, Bitwise has filed a proposal for a Dogecoin exchange-traded fund (ETF). The registration was officially submitted late Wednesday in Delaware and was later confirmed by Bitwise. While ETF filings can sometimes appear speculative, the news marks a serious push to legitimize Dogecoin in the financial market. Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (vs some whack job committing forgery for a quick pump a la BlackRock XRP that one time). pic.twitter.com/MxoswD0IFy — Eric Balchunas (@EricBalchunas) January 22, 2025 The filing arrives as Dogecoin continues to enjoy its status as the world’s largest memecoin, boasting a market capitalization of $51.60 billion as of Thursday. Having tripled in value over the past year, Dogecoin’s growth is now linked to speculative trends and its newfound connection with the Department of Government Efficiency (D.O.G.E.), a U.S.-based non-governmental agency. The D.O.G.E. agency, helmed by technocrat Elon Musk, aims to cut government spending and streamline federal operations. Officially proposed in mid-October, it was recognized during President Donald Trump’s swearing-in ceremony earlier this week. Traders have drawn parallels between the agency’s initials and the memecoin, further fueling Dogecoin’s popularity. Dogecoin’s Potential Institutional Backing — Will It Gain Credibility? If approved, the ETF could provide Dogecoin with the institutional backing that has long eluded the cryptocurrency. Such recognition by the Securities and Exchange Commission (SEC) would potentially lure conservative investors, offering a new dimension of credibility to what began as a joke token in 2013. Created by software engineers Billy Markus and…
Filed under: News - @ January 24, 2025 7:24 am