"Bitwise Files for Dogecoin ETF, Sparking Mainstream Finance Integration"

Bitwise, a leading cryptocurrency asset manager, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) tracking Dogecoin, a popular meme-based cryptocurrency. This move signals a significant step towards integrating meme coins into mainstream finance and has sparked excitement in the crypto market.

The S-1 registration follows an earlier filing in Delaware, demonstrating Bitwise's commitment to launching a Dogecoin ETF. Other firms, such as Osprey Funds and Rex Shares, have also submitted proposals, indicating growing demand for a regulated investment vehicle for Dogecoin. However, the price of Dogecoin dropped by 4% following the news, reflecting investors' uncertainty about memecoins due to unclear regulations.

Dogecoin's resurgence can be linked to the pro-crypto administration of former U.S. President Donald Trump. The creation of the Department of Government Efficiency under his presidency fueled speculation about increased crypto adoption. Last week, Trump signed an executive order forming a working group to develop a federal regulatory framework for digital assets. He also appointed crypto-friendly Paul Atkins to lead the SEC, signaling potential regulatory shifts in favor of digital assets.

Dogecoin is no longer considered a joke, as it currently trades at around $0.32 with a market capitalization of $47 billion. Bitwise CIO Matt Hougan emphasized the strong demand for Dogecoin investments, noting that it is the sixth-largest cryptocurrency and sees daily trading volumes exceeding $1 billion. Despite a slight 0.8% decline in the past 24 hours, Dogecoin remains a popular choice among retail traders. Being a low-cap asset, the Dogecoin ETF could boost its credibility and drive institutional interest if approved. Crypto analyst Ali Martinez predicts that Dogecoin's price could surge to $15 if the ETF gains approval, presenting a potential buying opportunity as prices are still below $1.

The changing regulatory landscape and political support for ETFs may open the market to new heights in the coming months. Memecoins have gained attention since Trump and the First Lady launched their meme tokens, showcasing a strong interest in them. While the market is taking memes as a serious investment option, many analysts warn of the risks associated with memecoins, as they have no real-world use and pose a threat of