Analyst Predicts DOGE Price Could Hit $15 if Bitwise’s Dogecoin ETF Is Approved

Highlights:

• Bitwise registered “BITWISE DOGECOIN ETF” in Delaware, marking progress toward an official SEC filing.
• Bloomberg’s Eric Balchunas predicts a DOGE ETF could launch by April with approval.
• Technical analysts predict Dogecoin’s price could reach $2 or $15, depending on ETF approval.

Bitwise Asset Management registered a legal entity called “BITWISE DOGECOIN ETF” in Delaware on Wednesday. This is not an official SEC ETF filing but a step toward it. Typically, ETF registrations happen after creating the legal structure and filing Form S-1 with the SEC. Bitwise will likely submit the required documents soon.

Bloomberg ETF analyst Eric Balchunas confirmed, saying, “This is real and not a market manipulation scheme.” He estimated a DOGE ETF could launch by April this year if it gets the approval.

Dogecoin Surges Amidst Growing Sentiment and Regulatory Shifts

Following the news, Dogecoin’s price jumped 4% to $0.373 before stabilizing at $0.35. This development coincides with a critical period for U.S. crypto regulation. President Donald Trump, inaugurated as the 47th President on Monday, has pledged to support cryptocurrency through a more favorable regulatory framework.

Whale activity has increased as sentiment improves. Santiment data shows major holders bought 590 million DOGE tokens in one day. The Dogecoin icon now appears on the website of the new U.S. Department of Government Efficiency (D.O.G.E.). This department was created by an executive order after President Donald Trump’s inauguration on January 20.

Other technical analysts have suggested potential price targets for Dogecoin. Trader Mikybull shared a chart showing a bullish flag pattern, which, if confirmed, could drive DOGE to $2. Meanwhile, crypto analyst Ali Martinez predicts the price may reach $15 if a Dogecoin ETF is approved.

#Dogecoin $DOGE ETF will send it to $15! https://t.co/4peKi93NZX pic.twitter.com/gRqDdoXhob

— Ali (@ali_charts) January 22, 2025

Anticipation Builds as Dogecoin ETF Filings Begin

Many believed it was only a matter of time before someone filed for a Dogecoin ETF. ETF Store President Nate Gercai expressed surprise on January 15, stating no issuer had yet filed for a Dogecoin ETF. He pointed out that Dogecoin is one of the top digital assets, and filing for an ETF could be a good marketing move. If approved by the SEC, especially with Elon Musk’s backing, it could be very successful.

I remain shocked that no issuer has filed for Dogecoin ETF…

7th largest digital asset by market cap.

Worst case, it’s a marketing expense for the issuer.

Best case, you get an extremely lenient SEC who approves it, along w/ Elon touting it.

— Nate Geraci (@NateGeraci) January 16, 2025

Earlier this week, Osprey Funds and Rex Shares filed multiple proposals for exchange-traded funds, including one for a DOGE ETF. The U.S. SEC appointed Commissioner Hester Peirce to lead a new crypto task force. Matt Mena, Crypto Research Strategist at 21Shares, stated that the task force could speed up the approval of a broader range of crypto ETFs, including SOL, XRP, LTC, DOT, and DOGE.

Rising Institutional Demand for Meme Coins

Interest in meme coins has surged recently, largely driven by the U.S. President’s launch of the TRUMP meme coin. Reports indicate that 40% of TRUMP coin buyers were new to crypto, showcasing the growing appeal of meme coins outside the traditional crypto space. This trend may explain why companies like Bitwise act swiftly to create an ETF for Dogecoin, a leading meme coin.

Meme coins are expanding into institutional markets outside the U.S. Floki plans to launch an exchange-traded product (ETP) in Europe by early this year. Analysts predict Litecoin could be the first altcoin, after Ethereum, to get ETF approval. Nasdaq has filed Form 19b-4 to list Canary Capital’s proposed Litecoin ETF, which aligns with Canary’s recent S-1 amendment and SEC feedback.