Will Bitwise Dogecoin ETF Boost DOGE Price to $15?

Bitwise Asset Management has begun forming the basics of its Dogecoin ETF project through the establishment of the legal entity BITWISE DOGECOIN ETF. This early step helps Bitwise prepare its SEC filing without yet submitting formal documents to the SEC. The creation of BITWISE DOGECOIN ETF marks an expected early step towards SEC approval which all ETFs must pass.

Initial Market Response to Bitwise Move

After the BITWISE DOGECOIN ETF entity launch, Dogecoin price surged to $0.373. Market participants believe an ETF will enhance Dogecoin’s trading features and accessibility which will drive its price up.

However, after an intense spike, Dogecoin price reversed its gains due to market sell-offs which sent it back to $0.35. Dogecoin price movements reflect both current market sentiment and global economic changes which create significant volatility.

Regulatory Environment and Future Prospects

Notably, Gary Gensler‘s departure as SEC chair created a debate about cryptocurrency regulations, especially concerning ETFs. The SEC under Gary Gensler’s leadership showed restraint in approving crypto ETFs because he wanted to protect investors against market volatility. His departure creates hope that new SEC leadership may approve cryptocurrency ETFs including those for Dogecoin.

Recent approvals of Bitcoin and Ethereum ETFs create a favorable precedent that increases the possibility of getting the Dogecoin ETF approved. This shift could attract institutional players to the space and expand Dogecoin’s market appeal through a structured investment pathway.

Impact on Dogecoin Valuation

Investors and analysts expect the Dogecoin price to climb when a Dogecoin ETF becomes available for trading. According to crypto analyst Ali Martinez, the DOGE price may reach $15 after the ETF receives regulatory backing.

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Additionally, Ali Martinez pointed out a key insight on Dogecoin’s 4-hour chart. A green arrow marks a “9” on the TD Sequential, signaling a potential upturn. This tool suggests the end of a downturn and a possible price bounce after nine successive candles each lower than the fourth prior.

The pattern is a classic buy signal for traders, hinting at a good entry point due to anticipated price gains.

ETF Influence on Dogecoin Market Perception and Investment

More so, the prediction of an ETF helping Dogecoin’s acceptance as an investment tool depends on its ability to give new investors easy access to investing. When the ETF starts trading it may motivate large investors to put more funds into DOGE. The crypto market’s unpredictable nature makes these forecasts depend on both SEC approval and outside market trends.

However, it is crucial to note that these predictions depend heavily on both the SEC’s approval and broader market conditions, which remain inherently unpredictable in the cryptocurrency sector.

The cryptocurrency community pays attention as Bitwise advances its plans. Critics of Dogecoin stand to perceive it more positively after an approved ETF delivers sustainable market value. This development could bring more cryptocurrency buyers into the market who are not in the sector currently.

Nevertheless, the predicted outcome of launching an ETF for Dogecoin cannot be accurately determined. Several conditions combining regulation changes with market movement and investor behavior will shape the impact.

At press time, Dogecoin price trades at $0.3504, down 3.45%. After peaking at $0.3643, it faced a sharp decline. The current 24-hour volume is $2.67B, reflecting a 68.18% drop, indicating decreasing trader activity.