The NYSE Arca has filed to list the Bitwise Dogecoin ETF. This move could be a pivotal moment for the development of the cryptocurrency market.
Rising Optimism for SEC Approval
Market confidence in a Dogecoin ETF is growing. Polymarket shows a 67% chance of approval, and Bloomberg analysts place the odds at 75% by 2025. This reflects a rising belief in crypto-based investments.
Dogecoin Price Drops Despite ETF Interest
Despite ETF interest, DOGE has dropped over 15%, hitting $0.19 amid broader market volatility. Trading volume also fell 16.80%, indicating weaker market activity. This decline followed a temporary boost in sentiment after Donald Trump’s crypto reserve announcement.
More Altcoin ETF Filings on the Horizon
Nasdaq has also filed to list the Grayscale Hedera Trust, which will track HBAR's price, signaling ongoing interest in altcoin ETFs. The SEC is reviewing a range of similar proposals for cryptocurrencies like Cardano (ADA), Solana (SOL), Polkadot (DOT), Litecoin (LTC), and XRP, showing growing interest in memecoins and major altcoins within the regulated investment space.
With the SEC reviewing both the Bitwise Dogecoin ETF and the Grayscale Dogecoin Trust, the coming months could be crucial for the potential adoption of Dogecoin as a stable investment vehicle. Price volatility is likely to continue until approval is confirmed.
