Bitwise Launches Dogecoin ETF on NYSE
Bitwise has launched its Dogecoin ETF on the New York Stock Exchange (NYSE) under the ticker BWOW. This gives investors a new way to invest in Dogecoin through an exchange-traded product (ETP).
Hunter Horsley, Bitwise CIO, said, “DOGE began as a joke and became an icon of the crypto movement. It doesn’t claim to change global markets or have strong utility. Yet, it has kept its value longer than most cryptocurrencies.”
The Bitwise ETF launch follows Grayscale’s Dogecoin ETF (GDOG) debut on Monday. GDOG was the first DOGE product launched under the ’33 framework. Another fund, the REX Osprey Dogecoin ETF, launched in early September but does not have to hold DOGE tokens directly like Bitwise and Grayscale’s ETFs.
On its first day, GDOG traded $1.4 million. Bloomberg analyst Eric Balchunas noted on X, “The further away you get from BTC, the less asset there will be.”
Dogecoin’s Growth and Market Position
Dogecoin started as a joke, inspired by the Shiba Inu dog meme. Over 12 years, it has grown to become the 10th-largest cryptocurrency by market cap. Its listing on Wall Street follows notable price spikes influenced by WallStreetBets traders and Tesla CEO Elon Musk.
Dogecoin Price Update: Testing Resistance at $0.181
DOGE is up 2% in the last 24 hours and is recovering after support near $0.142 over the weekend. However, it faces resistance from a descending trendline and the 20-day Exponential Moving Average (EMA) since October 27.
If DOGE rises above this trendline, it could test the $0.181 level, near the 50-day EMA. The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are at neutral points. A move above these could signal stronger bullish momentum for DOGE.
