The largest memecoin in the cryptocurrency market, Dogecoin (DOGE), has been selected by Bitwise as the next asset to be launched in an ETF.
Bitwise Files for Dogecoin ETF
According to a filing published early on January 23, 2025, asset management firm Bitwise is preparing the necessary procedures to establish an ETF for Dogecoin (DOGE).
Dogecoin is a memecoin created in 2013, inspired by the famous Doge meme at the time. Over the years, Dogecoin has experienced ups and downs but has gradually become the largest memecoin in the cryptocurrency market, currently holding a market capitalization of $53 billion and ranking as the 7th largest cryptocurrency in the industry.
Since 2021, Dogecoin’s price volatility has been closely tied to the actions of Tesla CEO and social media X owner Elon Musk. The billionaire has expressed a strong fondness for the Doge meme and frequently shares it on his personal account. Musk has allowed his electric car company to accept DOGE as payment and has revealed that he holds DOGE, although the exact amount has not been disclosed.
By 2024, Dogecoin gained further attention from Elon Musk with the initiative “Department of Government Efficiency” (DOGE), which was approved by the new U.S. President Donald Trump, who appointed Musk as the department’s head.
As reported by Coin68, the Department of Government Efficiency earlier this week unveiled its official website, initially featuring the DOGE logo on its homepage before later replacing it with a more “serious” logo.
Dogecoin has long been predicted to be one of the cryptocurrencies likely to receive an ETF following Bitcoin and Ethereum. ETF expert Nate Gercai recently commented:
“I’m still shocked that no one has yet filed for a Dogecoin ETF. It’s the 7th largest cryptocurrency by market capitalization. At worst, the issuer would only incur marketing costs. But in the best-case scenario, it’s likely to receive SEC approval easily and even get promoted by Elon.”
Just yesterday, two asset management firms, Osprey and REX, filed applications for seven new ETFs dedicated to Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and three memecoins—Dogecoin (DOGE), Bonk (BONK), and Official Trump (TRUMP), the latter being the official memecoin of U.S. President Donald Trump, launched just last week, which has quickly upended the order of the crypto industry.
According to Bloomberg statistics, there are currently 33 crypto ETF proposals awaiting approval from the U.S. Securities and Exchange Commission (SEC). This number is expected to increase further under the more crypto-friendly regulatory environment during the Trump administration.
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