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Bitwise Asset Manager Recently submitted a registration deposit for a Dogecoin exchange-traded fund (ETF). This came after investment firms Rex Shares and Osprey Funds filed documents for some cryptocurrency exchange-traded funds (ETFs), including one for Dogecoin.
Despite the positive sentiment generally associated with ETF deposits, the announcement did not result in an expected price increase. Instead, DOGEThe value of fell 5%, surprising the market.
A “Bitwise Dogecoin ETF” was filed Wednesday evening with the Corporations Division of the Delaware Department of State. A Delaware registration is a preparatory step before filing a formal ETF proposal with the SEC.
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Increased demand may push DOGE prices higher if the product captures a small portion of the inflows seen 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’s value has more than tripled over the past year thanks to gains in Bitcoin and, more recently, the creation of the Department of Government Efficiency (DOGE) in the United States.
DOGE price drops
At the time of writing, Dogecoin was down 5.61% over the past 24 hours to $0.346 amid a massive market sell-off, which saw $252 million wiped out in liquidations of various crypto assets over the past 24 hours.
Dogecoin fell below the daily 50 SMA at $0.366 during Wednesday’s session. The declines continued, reaching a low of $0.3455 during today’s trading session.
If DOGE price rises and closes above the daily 50 SMA, bulls could attempt to push it higher to $0.40 or $0.43. Further declines could lead Dogecoin to test support at $0.31.
In broader markets, investors are now awaiting the next meeting of the Federal Open Market Committee on January 28-29, during which interest rate cuts could be announced. At its December meeting, the Fed planned two rate cuts for 2025, indicating a gradual and cautious approach.