American company Bitwise applied for release in the USA ETF, based on the leading meme token Dogecoin (DOGE).
The firm’s employees have asked the US Securities and Exchange Commission (SEC) to approve the creation of a new derivative called Bitwise. Dogecoin ETF, which will track changes in the cryptocurrency rate. Trading in the fund’s shares is planned to be launched on a stock exchange, the name of which has not yet been disclosed.
Bitwise registered a trust fund in Delaware on January 22, according to Bloomberg analyst James Seyffarth. Dogecoin, who will apparently manage the shares ETF. Coins Dogecoin, purchased before the release of shares, will be stored at the American crypto exchange Coinbase, which has proven to be a leader in the field of custodial services.
The point is that many people want to invest in Dogecoin. It is ranked sixth [according to Coinmarketcap, the eighth] is among the leading cryptocurrencies by market capitalization, and DOGE’s daily trading volume exceeds $1 billion, said Bitwise CIO Matt Hougan.
Hougan’s optimism, however, runs counter to the chart data. Dogecoin fluctuates within a contracting triangle, which is a bearish pattern. Judging by the width of the figure, the price of DOGE, component $0,328, risks falling to $0,122 after breaking the lower line of the triangle. In this case, token-the meme will become 63% cheaper than the current figure, and its value will drop to its minimum value since October 2024.
Probable exchange rate change Dogecoin