Dogecoin just took an important step toward getting its own spot ETF. Bitwise, one of the biggest crypto asset managers, has updated its filing for a spot Dogecoin ETF. This fresh amendment is a good sign because it shows that Bitwise is actively working with the SEC to move the process forward.
The revised filing also includes in-kind creation and redemption, which means that brokers could swap ETF shares directly for DOGE tokens. Analyst Eric Balchunas says that it’s now almost certain that the SEC will allow in-kind creation and redemption for all spot ETFs.
21Shares and Grayscale are also in the race for a spot Dogecoin ETF. According to Bloomberg analysts Eric Balchunas and James Seyffart, the chances of approval for most spot crypto ETFs, including Dogecoin, are now at 90% or higher.
Even with the ETF news, Dogecoin is down 1.8% in the last 24 hours, trading at $0.162. Technical indicators show mixed signals as most oscillators show neutral momentum, and moving averages strongly signal a sell.
Dogecoin has seen a decline throughout June, dropping from around $0.23 at the start of the month to the current level near $0.161. After a short-lived rally between June 10–13, where prices briefly spiked, it has resumed its downward trend.
Dogecoin has found support near $0.15, where buyers have stepped in several times. However, it faces strong resistance between $0.17 and $0.172, which has blocked further upward moves. Unless it breaks above this resistance with strong volume, the short-term trend looks weak to slightly bearish.
Trader Tardigrade says that Dogecoin made big jumps in the last market cycle, from $0.0003 to $0.0026 to $0.009. In this cycle, he predicts a similar breakout, projecting that it could rise from $0.42 to $1.46 and eventually reach $4.
Analyst Javon Marks is even more bullish on Doge and says that if it keeps following its past cycle pattern, where each rally grew bigger than the last, it could surge over 120x from current levels, potentially hitting $20 this cycle.
In-kind redemptions could enhance liquidity and improve tax efficiency for investors, making Dogecoin ETFs more appealing. This could lead to increased capital inflows and potentially more stable price discovery for DOGE.
Despite positive ETF news, Dogecoin’s short-term technical trend is bearish, with lower highs and lows. While ETF developments offer long-term optimism, current indicators suggest weakness, making a sustained breakout contingent on breaking key resistance levels.
Multiple firms filing for a Dogecoin ETF signals strong institutional interest and market demand. This competition could accelerate SEC approval, broaden investor access, and potentially lead to lower management fees for consumers, fostering greater market legitimacy for Dogecoin.
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