Dogecoin's price has risen 4% in the past day, reaching $0.18, fueled by speculation over Bitwise's upcoming DOGE ETF launch. The amended SEC filing suggests a potential debut within 20 days, possibly by late November. However, reaching $2.20 remains uncertain due to resistance levels and modest on-chain activity.
On November 7, Bloomberg ETF analyst Eric Balchunas noted that Bitwise amended its SEC registration form for a spot Dogecoin ETF, removing the "8(a)" clause that allows the SEC to delay launches. This move signals the ETF could go effective in 20 days, barring intervention, potentially between November 26 and 27.
"Looks like Bitwise is doing the 8(a) move for their spot Dogecoin ETF, which basically means they plan on going effective in 20 days barring an intervention," Balchunas said in a post.
The anticipation has sparked bullish sentiment, with Dogecoin's price climbing 4% to $0.18 after a month-long downward trend. It remains over 75% below its all-time high of $0.7316.
A successful launch would mark a milestone, offering institutional investors U.S. market exposure to the memecoin for the first time. Past crypto ETF approvals have driven inflows and sentiment, potentially elevating Dogecoin beyond its hype-driven status.
Yet challenges persist. The price must overcome resistance at $0.26, $0.41, and $0.54 for significant gains. On-chain data shows modest buying interest, with no clear signs of a breakout to multi-dollar levels, even with ETF backing. Trading volumes would need to surge, and large holders accumulate, for a rapid rise to $2.20. While short-term prospects seem slim, the ETF could initiate a longer-term shift, especially in a bull cycle.