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Asset manager Bitwise recently submitted a registration filing for a Dogecoin exchange-traded fund (ETF). That happened after investment firms Rex Shares and Osprey Funds filed paperwork for some cryptocurrency exchange-traded funds (ETFs), including one for Dogecoin.
Despite the positive sentiment typically associated with ETF filings, the announcement did not result in an expected price increase. Instead, DOGE's value dropped 5%, surprising the market.
A "Bitwise Dogecoin ETF" was filed late Wednesday with the Department of State's Division of Corporations in the state of Delaware. A Delaware registration is a preparatory step before filing an official ETF proposal to the SEC.
Tomiwabold OlajideIncreased demand may drive up DOGE prices if the product catches a small portion of the inflows observed in Bitcoin ETFs. Dog-themed cryptocurrency Dogecoin is the eighth largest cryptocurrency, with a market capitalization of $51.16 billion, according to CoinMarketCap data.
Dogecoin has more than tripled in value over the last year as a result of Bitcoin's gains and, more recently, the establishment of the Department of Government Efficiency (D.O.G.E.) in the United States.
DOGE price drops
At the time of writing, Dogecoin was down 5.61% in the last 24 hours to $0.346 amid a broader market sell-off, which has seen $252 million wiped out in liquidations across various crypto assets in the last 24 hours.
Dogecoin fell below the daily SMA 50 at $0.366 in Wednesday's session. The declines continued, reaching lows of $0.3455 in today's trading session.
If the DOGE price rises and closes above the daily SMA 50, bulls might attempt to push it higher to $0.40 or $0.43. Further declines could cause Dogecoin to test the support at $0.31.
On the broader markets, investors are now anticipating the next Federal Open Market Committee meeting on Jan. 28-29, when interest rate decreases might be announced. At its December meeting, the Fed planned two rate cuts for 2025, indicating a gradual and cautious approach.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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