Documents filed with the Delaware Department of State’s Corporations Division on January 22 show that the company has begun the process of establishing a Dogecoin ETF. CSC Delaware Trust Company was listed as representative in the application documents.

This step by Bitwise is seen as an important start towards creating a Dogecoin ETF. Immediately after the news was announced, bets on the Polymarket platform on the possibility of the US Securities and Exchange Commission (SEC) approving the Dogecoin ETF by 2025 reached 50%.

Dogecoin prices have been fluctuating recently. In the last 24 hours, Dogecoin’s price dropped by 3.18% to $0.35. Additionally, over the past week Dogecoin has lost nearly 7% of its value.

But despite this, Dogecoin’s market cap remains above $52 billion and its daily trading volume stands at $2.8 billion.

Dogecoin’s price movements continue to show bullish signs with the ongoing cryptocurrency market rally. Just two days before Bitwise’s Dogecoin ETF application, another asset manager, REX Shares, also applied for a Dogecoin ETF.

REX Shares has also filed for ETFs tied to the official TRUMP meme coin, Bitcoin, Ethereum, XRP, Bonk and Solana.

Bloomberg senior ETF analyst Eric Balchunas called this development “surreal” in a statement regarding the Dogecoin ETF application. Balchunas also stated that he had previously predicted that a Dogecoin ETF application would be made by the end of December.

Dogecoin has attracted attention in recent months thanks to the Department of Government Efficiency, which US President-elect Donald Trump announced that he established to improve government operations. The department’s name, “DOGE,” bears a direct connection to Dogecoin’s trading symbol.

Management of the department was given to DOGE enthusiast Elon Musk and American politician Vivek Ramaswamy. However, on January 21, Ramaswamy announced that he was withdrawing from this post. Thus, leadership of the department was left to Musk and his team.

Dogecoin ETF filings could be a major turning point for both crypto investors and the markets. It is thought that an ETF approval could increase institutional investor interest in Dogecoin and bring more liquidity to the market.

Additionally, the Dogecoin ETF could lead to increased mainstream acceptance of cryptocurrencies and the development of new products in the industry.

However, it remains unclear whether the Dogecoin ETF application will be approved and how long it will take. Previously, the SEC had taken a cautious approach to similar filings.

Still, such steps by companies such as Bitwise and REX Shares are considered important developments that support the growth and maturation of crypto markets.

Finally, it is anticipated that such applications could have a significant impact on the future of other altcoins as well as Dogecoin. The Dogecoin community follows these developments closely and hopes that a possible ETF approval could make a positive contribution to the value of Dogecoin.