Asset management firm Bitwise has taken initial steps toward filing a Dogecoin (DOGE) exchange-traded fund (ETF) application with the U.S. Securities and Exchange Commission (SEC), marking another potential milestone for cryptocurrency investment vehicles.
Bloomberg ETF analyst James Seyffart revealed legal documentation showing Bitwise had created a "BITWISE DOGECOIN ETF" trust in Delaware, a common structure for such investment products. While this doesn't guarantee an immediate SEC filing, it demonstrates the industry's growing interest in crypto-linked exchange-traded products.
In a parallel development, Miami-based REX Shares has also moved to file ETF applications for both Dogecoin and Official Trump (TRUMP) tokens. According to Bloomberg analysts, REX Shares' chosen fund structure could potentially accelerate the approval process, potentially outpacing anticipated spot vehicles for established cryptocurrencies like XRP, Solana, and Litecoin.
However, recent market performance has been challenging for DOGE, with the cryptocurrency experiencing a 9.7% decline over the past week. The price has dropped 24% since its December 8 peak, though technical analysis suggests the token maintains an overall upward trajectory despite the recent pullback.
Adding to DOGE's challenges, Elon Musk's Department of Government Efficiency (DOGE) has removed all Dogecoin-related imagery from its official website. This move has disappointed the DOGE community, as Musk's previous associations with the meme coin typically provided positive price momentum.
The department, which Musk is expected to lead under the Trump administration, now faces a lawsuit alleging insufficient transparency and diversity in its advisory board composition. The legal challenge claims the committee failed to include diverse viewpoints, primarily consisting of tech executives and billionaires friendly to Trump's campaign.
As these developments unfold, DOGE's price continues to find support around the $0.30 level, with technical indicators suggesting potential movement toward $0.45 if current support levels hold.