- Bitwise joins the meme coin ETF list after filing a Dogecoin ETF.
- The firm had previously filed for a Dogecoin Trust with Delaware last week, which hinted at a close-by ETF submission.
- DOGE could decline by 37% if it breaches a lower descending triangle boundary.
Dogecoin (DOGE) is down 4% following Bitwise's Dogecoin exchange-traded fund (ETF) filing with the Securities & Exchange Commission (SEC) on Tuesday. The top meme coin risks a 37% decline if it breaks a triangular channel's support level.
Dogecoin ETF gains momentum with Bitwise filings
Bitwise submitted an S-1 registration statement to the SEC on Tuesday for a Dogecoin spot ETF. This marks the second DOGE ETF filing with the regulator.
Bitwise's S-1 filing didn't come as a surprise, considering its Dogecoin Trust filing in Delaware last week. The new filing adds to the growing demand for meme coin ETFs following Donald Trump's inauguration as president of the US.
Prior to Bitwise's filing, REX Shares and Osprey filed a suite of ETF applications for meme coins like DOGE, BONK and Donald Trump's TRUMP last week.
"The reality is that there are a lot of people that want to invest in Dogecoin. It's the sixth-largest crypto asset in the world by market cap and it trades over $1bn a day," Bitwise CIO Matt Hougan told the Financial Times.
This attracted mixed feelings, considering the controversy that often accompanies the meme coin category.
However, due to the new presidential administration, the latest DOGE ETF is expected to pass through fewer hurdles to gain approval.
Moreover, the recent launch of the US Department of Government Efficiency (D.O.G.E.), which features the Dogecoin logo, has also boosted investors' confidence in the potential approval of DOGE ETFs.
"There are plenty of questionable investments packaged into ETFs, but meme coins would take this to an entirely new level," said Nate Geraci, president of financial adviser The ETF Store.
In other news, Cboe BZX issued a new set of filings for Solana ETFs from firms including Bitwise, VanEck, 21Shares and Canary Capital.
The exchange previously submitted the 19b-4 filings back in November but received no response from regulators on its approval.
The refiling suggests that the exchange is optimistic that the new SEC administration will approve the ETFs.
DOGE risks 37% decline if it breaches key support level
DOGE is trading within a descending triangle on the daily chart. The top meme coin is expanding its decline that began on January 22.
DOGE/USDT daily chart
If DOGE sustains a firm close below the triangle's lower boundary support level, it could decline about 37% to reach $0.1905. The level is obtained by measuring the triangle's height and projecting downward from the potential breakout point.
On the way down, DOGE could find support near the $0.2106 level.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are below their neutral level, indicating dominant bearish pressure. The Stochastic Oscillator (Stoch) is in the oversold region, indicating DOGE may be due for a comeback.
A daily candlestick close above $0.4523 will invalidate the thesis.
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Yes. The SEC approved in January 2024 the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. The decision was hailed by the industry as a game changer.
The main advantage of crypto ETFs is the possibility of gaining exposure to a cryptocurrency without ownership, reducing the risk and cost of holding the asset. Other pros are a lower learning curve and higher security for investors since ETFs take charge of securing the underlying asset holdings. As for the main drawbacks, the main one is that as an investor you can’t have direct ownership of the asset, or, as they say in crypto, “not your keys, not your coins.” Other disadvantages are higher costs associated with holding crypto since ETFs charge fees for active management. Finally, even though investing in ETFs reduces the risk of holding an asset, price swings in the underlying cryptocurrency are likely to be reflected in the investment vehicle too.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON DAO powers $1.2B in USDT exchange inflows, igniting stablecoin activity and on-chain volume
TRON DAO facilitates $1.2 billion in USDT exchange inflows over the past seven days as on-chain volume hits $72 billion. An increase in USDT exchange inflows suggests that traders are either preparing to buy the dip or could be covering long positions.
Bitcoin could fall toward the $73,000 mark as tariffs hit the global market
Bitcoin price stabilizes around $76,000 at the time of writing on Wednesday after falling 3.59% the previous day. BTC could face volatility as US President Donald Trump announced tariffs go live on Wednesday, with China’s retaliatory duties on Thursday.
Top 3 gainers NEO, Plume and Story: NEO surges despite Trump's tariff firestorm as investors succumb to extreme fear
Cryptocurrencies are enduring progressive market carnage from the US President Donald Trump administration's incessant tariffs on its trade partners, with some selected altcoins like NEO, Plume and Story (IP) leading the bullish brigade on Wednesday.
Cardano Price Forecast: Bears aiming for a yearly low of $0.50 as on-chain data show increasing dormant wallet activity
Cardano (ADA) price hovers around $0.56 on Wednesday after falling 13% the previous week. Token Terminal data shows that ADA’s fee collection has constantly fallen in 2025, indicating lower blockchain usage and activity.
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market
Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.