Bitwise has officially filed a registration for a Dogecoin (DOGE-USD) exchange-traded fund (ETF), signaling a major leap for the world’s largest memecoin. According to The Block, the preliminary Delaware filing is a step toward formal SEC approval, a move that could bring institutional validation to Dogecoin.
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With a market cap of $52 billion, Dogecoin’s popularity has surged, more than tripling in value over the past year. Analysts believe an ETF could boost demand, attracting conservative investors who previously stayed away from the memecoin space. If the ETF captures even a fraction of the $50 billion inflows seen by Bitcoin ETFs, DOGE could see significant price growth.
Musk’s D.O.G.E Adds Speculative Heat
Adding fuel to the fire is Elon Musk’s Department of Government Efficiency, or D.O.G.E, which aims to cut government spending and streamline federal operations. While the agency has no direct ties to the memecoin, its initials and brief use of the Dogecoin logo on its website have sparked speculation among traders.
“The apparent connection to Musk’s agency has made Dogecoin a speculative bet on government innovation,” noted analysts.
At the time of writing, Dogecoin is sitting at $0.3486.
