Dogecoin ETF Incoming? Bitwise Files as Analysts Predict 600% Surge

Bitwise Asset Management has officially filed an S-1 registration with the United States Securities and Exchange Commission (SEC) to launch the Bitwise Dogecoin ETF. 

The proposed fund aims to offer direct exposure to Dogecoin (DOGE), one of the largest and most recognizable memecoins in the cryptocurrency market.

According to the filing, the fund will base its Net Asset Value (NAV) on the Dogecoin-Dollar settlement benchmark provided by the CF trading platform. 

Although the ticker symbol and trading platform for the ETF remain undisclosed, Bitwise intends to hold Dogecoin directly as part of the ETF structure. Additional details, such as the sponsor fee, are yet to be revealed.

Bloomberg Senior ETF Analyst James Seyffart expressed confidence that a Bitwise DOGE ETF is likely to happen, reflecting market sentiment regarding the increasing integration of memecoins into traditional financial products.

Analysts Predict a Potential 600% Rally for Dogecoin

Amid news of the ETF filing, crypto analysts have shared optimistic predictions for Dogecoin’s future price movement. Historical trends suggest that Dogecoin could experience a 600% surge, potentially surpassing the $2.28 mark during its next major rally.

Chart analysis has identified recurring cycles in Dogecoin’s price history. These cycles feature extended periods of consolidation, followed by substantial breakouts and exponential gains. 

In previous cycles, Dogecoin recorded significant price jumps following accumulation phases. Analysts believe the current cycle is aligning with these past patterns, indicating the possibility of another breakout.

Analyst noted that If history repeats itself, Dogecoin may be on the verge of a parabolic move. Such patterns have generated anticipation among traders monitoring the market for bullish developments.

Bull Flag Pattern Suggests Short-Term Momentum

Technical analysis of Dogecoin’s daily chart has revealed the formation of a bull flag, a pattern often associated with continued upward momentum. 

This structure typically follows a strong price surge, with the asset consolidating within parallel support and resistance levels before a breakout.

Market observers are closely watching for a breakout that could push Dogecoin’s price toward a short-term target of $0.60. This potential move has fueled optimism among traders despite recent price declines.

Dogecoin’s Market Performance and Whale Activity

As of press time, Dogecoin was trading at $0.3317, with a market cap of $48.96 billion and a 24-hour trading volume of $1.83 billion. 

Despite a slight 0.90% decline in the past 24 hours and a 10.14% dip over the past week, the memecoin continues to attract significant attention.

Recent whale activity has also been noteworthy, with reports of large investors acquiring 460 million Dogecoins during the recent price dip. 

Such activity often signals growing confidence in the asset and could support further upward momentum.

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