In a move reflecting the growing interest in cryptocurrencies, Bitwise Asset Management, a company specializing in cryptocurrency asset management, has formally submitted a request to the U.S. State Department of Delaware to register the first Dogecoin exchange-traded fund (ETF).
This request marks the beginning of a long path that may lead to broader adoption of Dogecoin in traditional financial markets. Just hours after the news broke, expectations rose regarding the approval from the U.S. Securities and Exchange Commission (SEC) for the Dogecoin ETF, with the odds of this approval reaching around 50% by 2025.
Competition in the ETF Market: Just two days before Bitwise submitted its request, REX Shares (another asset manager) also submitted a similar application for a Dogecoin ETF to the SEC. In addition to Dogecoin, REX Shares has applied to create ETFs linked to several other cryptocurrencies, including Bitcoin, Ethereum, XRP, Bonk, and Solana, as well as the meme coin TRUMP.
New Momentum for Dogecoin: Dogecoin has gained significant momentum over the past few months, especially after U.S. President Donald Trump announced the creation of a Department of Government Efficiency aimed at streamlining government operations. Interestingly, the abbreviation for the department is "DOGE," which directly refers to the Dogecoin symbol.
This new department was expected to be led by prominent figures such as Elon Musk, the well-known supporter of Dogecoin, and U.S. politician Vivek Ramaswamy. However, Ramaswamy announced on January 21 his withdrawal from this role, leaving Musk and his team to lead this initiative.
Dogecoin's Market Performance: Over the last 24 hours of trading, Dogecoin has experienced a slight decline of 5.05%, bringing its price to $0.34, according to data from coinmarketcap. It ranks eighth among the most popular cryptocurrencies by market capitalization.
