Following the approval and launch of Bitcoin spot ETFs the wider crypto has opened new paths for those who aim to invest in cryptocurrencies without direct exposure, the debut has also provided opportunities for institutional investors to offer more ETFs for other leading digital assets such as Dogecoin and XRP.
In a most recent development, it has been noted that Bitwise has reportedly filed an S-1 form with the Securities and Exchange Commission in the United States. The filing now formalizes its intention to offer Dogecoin spot ETF (exchange-traded funds).
Earlier on the 22nd of this month, Bitwise registered in Delaware, which was the initial phase of registration signaling its intention to launch Doge ETF. According to the available set, Dogecoin is one of the oldest memecoin in the wider cryptocurrency market.
Bitwise’s filing is the 2nd such filing seeking regulators’ approval to offer Dogecoin spot ETF.
Yet the experts in the wider market argue that the move seems to be backed by the growing adoption and popularity of memecoins in the last few quarters, and the launch of the Official Trump token has also backed the spike in the number of registrations seeking to offer Doge ETF.
Dogecoin ETF to push Doge price above $1?
Until publishing, Dogecoin was exchanging hands at $0.3284 with an intraday of 2.27 percent and it registered a decline of 10.86 percent.
It is worth noting that in the same time frame, the market capitalization of Doge fell to $48.57 billion with a loss of 2.05 percent and trading volume was $1.86 billion with a decline of roughly 50 percent.
Doge prices seem to be tumbling below the mark of $1, and at the time of writing it was trading above 100 and 200 days exponential moving average and at the same time below 20 and 50-day EMA.
In the past 52 weeks, the highest trading price of Dogecoin recorded was $0.4835 and it was the lowest traded, yet in the monthly frame, it reached $0.4335 and lowest traded at $0.3065.
Doge’s all-time highest recorded trading price was $0.7376 on May 08, 2021, and on May 07, 2015, it exchanged hands at the lowest trading price of $0.00008547.
There are speculations that with the approval and launch of Doge spot ETF, the prices, popularity, and adoption of Dogecoin are expected to grow, and it might acquire the $1 mark after the successful launch. Moreover, there are claims that there are hopes for price growth but there is no confirmation that it will perform the same way Bitcoin is performing after the launch of BTC spot ETF.
Not only Dogecoin but several other memecoins have gathered huge traction from investors and crypto enthusiasts, with the passing of time the market capitalization of the market and trading volume have crossed many impossible milestones.
CoinMarketCap’s data notes that the market capitalization of the memecoin market has reached $92.32 billion and the trading volume has surged above $10 billion.
The newly debuted memecoin Official Trump has created a unique image and till writing market capitalization was the third highest number of thousands of listed memecoins.
