- Dogecoin has seen its first ETF application from Bitwise, which also has an XRP and Solana ETF applications with the SEC.
- Dogecoin enjoys a greater chance of approval due to Elon Musk being inside the US government.
- The approval of the ETF would propel DOGE towards a Parabolic rally, as predicted by chart expert Ali Martinez.
- Given the high growth in memecoins last year, DOGE ETF would hardly require any marketing.
The first memecoin ETF has finally arrived in the crypto markets. Bitwise has filed the first Dogecoin ETF with the US SEC on 22 January 2025. It was incorporated as a Delaware Trust Company, which is the first step of an ETF application.
#NOTE: In the US and in some parts of Europe, ETFs are launched as a trust, and the shares of this trust are then listed on an exchange. These shares are then sold as ETF units.
If approved, the ETF could revolutionize Memecoin markets with a strong inflow similar to what we see for Bitcoin.
Dogecoin is the seventh largest cryptocurrency, with a market cap of $52 billion and a price of $0.35 at press time. Being the largest Memecoin, DOGE ETF enjoys a high chance of success without much marketing. This is primarily because of two factors: the high growth of memecoins in 2024 (Memecoin Supercycle) and the establishment of its namesake Department of Government Efficiency, headed by its largest fan, Elon Musk.
Various experts have shown positive reactions to the ETF, with some saying that it was indeed a great idea to bring the seventh-largest cryptocurrency ETF.
Bitwise Files For Dogecoin ETF
Bitwise has created the world’s first Memecoin ETF, launching an application with the US SEC. The company confirmed with several news agencies like The Block about this filing.
Bloomberg ETF Analyst Eric Balchunas commented on the genuinity of DOGE ETF, claiming that it was indeed a real filing and not some rumor like the Black Rock XRP ETF.
Eric expects DOGE ETF approval by April 2025. Given the presence of Elon Musk in the US Government, he could nudge the approval of the ETF.
However, currently, the SEC is headed by acting Chairman Mark Uyeda and has a 4:1 domination of the Republicans. An approval might only happen if a full-time SEC chief enters the office. I expect Paul Atkins to become the new full-time SEC chief in the latter part of this quarter.
Why Does DOGE ETF Require No Marketing?
Dogecoin, being the largest memecoin, requires no marketing. Further, with the popularity it enjoys due to Elon Musk and his DOGE department could increase its chance of success by manifold.
An ETF could revolutionize Dogecoin with a constant inflow of capital into the top Memecoin. Also, it could open the floodgates for further memecoin ETFs, which then would push DOGE into a Parabolic rally.
Memecoin Supercycle 2024-25
Dogecoin grew 642% from $0.07 to $0.45 in the fourth quarter of 2024 and is expected to rally further.
Chart expert Ali Martinez has already predicted a 12000% rally from $0.3 for Dogecoin based on its performance in the 2021 Supercycle, wherein it grew 800% in January 2021, reaching $0.07. This cycle was critical in establishing Dogecoin as one of the largest Altcoins, beating several others.
DOGE Department Features Dogecoin’s Mascot
The newly launched Department of Government Efficiency (Website: doge.gov), headed by Elon Musk, has prominently featured the Dogecoin mascot. The department which comes with a sunset clause (4 July 2026) has aimed to cut down US Government spending and reduce fiscal deficit.
Further, since Elon Musk officially heads the Department of Government Efficiency, it gives DOGE better attention. Elon has been a DOGE fan for the last decade and often makes cryptic tweets in favor of the memecoin.
