Bitwise Files For A Dogecoin ETF, Analyst Says DOGE May Hit $15

Dogecoin Could Skyrocket 4,166% To $15 If Bitwise Dogecoin ETF Is Approved, Top Analyst Says

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Updated: 23 January 2025

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Dogecoin could skyrocket 4,166% to $15 if a proposal to launch a Dogecoin ETF (exchange-traded fund) by crypto index fund manager Bitwise is approved, according to analyst Ali Martinez.

Bitwise submitted a filing to launch a Dogecoin ETF to the Delaware’s Department of State’s Division of Corporations on Wednesday.

Dogecoin Could Gain Institutional Validation

Bitwise’s filing for an ETF linked to the meme coin comes after a wave of ETF applications were submitted by Rex Shares and Osprey, including one for a DOGE investment product.

The potential approval of a Dogecoin ETF could give the largest meme coin by market cap, which was initially created as a joke in 2013, exposure to a pool of institutional investors.

Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (vs some whack job committing forgery for a quick pump a la BlackRock XRP that one time). pic.twitter.com/MxoswD0IFy

— Eric Balchunas (@EricBalchunas) January 22, 2025

Dogecoin ETFs just capturing a fraction of the over $50 billion inflows seen with Bitcoin ETFs in the last 12 months could cause the meme coin’s price to surge.

Analysts Ali Martinez told his 118.1k followers on X that a Dogecoin ETF would send the price of the largest meme coin by market capitalization soaring to $15.

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

— Ali (@ali_charts) January 22, 2025

But following the Bitwise ETF filing, DOGE saw its price drop more than 4% in the last 24 hours to trade at $0.3521 as of 2:12 a.m. EST. This is a continuation of the negative trend the crypto has been in over the last week.

Elon Musk’s DOGE Gains Traction

Dogecoin’s market capitalization has more than tripled in the last year, with the token becoming a popular speculative trade. Much of the gains followed Bitcoin’s lead, with the crypto king breaking the $100K mark for the first time ever in December last year.

Another development that has contributed to DOGE’s strong performance is the launch of Dogecoin fan Elon Musk’s Department of Government Efficiency (DOGE), the acronym of which is the same as the meme coin’s ticker symbol.

The department’s official website briefly displayed the meme coin’s logo, causing the meme coin’s price to surge. It has since been updated to exclude DOGE’s logo.

Progress pic.twitter.com/iNAgAtPPCV

— Department of Government Efficiency (@DOGE) January 21, 2025

DOGE has already embarked on its mission to reduce US government spending. It aims to close down some government departments while also cutting down the number of government employees.