Investing.com -- Bitwise, a cryptocurrency asset manager, has recently submitted an application to the Delaware's Department of State: Division of Corporations, seeking to register a Dogecoin-based exchange-traded fund (ETF).
Dogecoin, a digital currency widely recognized as the foremost memecoin, boasts a market capitalization close to $52 billion. Memecoins have been gaining increased attention of late, following the successful introduction and subsequent surge of the Official Trump memecoin, launched by former President Donald Trump, which has seen a rise of over 1056% since its launch last Friday.
Billionaire entrepreneur Elon Musk is a well-known advocate of Dogecoin. He has even chosen to name the new Department of Government Efficiency (DOGE), which he oversees, after the popular memecoin.
The application by Bitwise for the Dogecoin ETF is the latest development in the growing interaction between traditional finance and cryptocurrency markets. However, it should be noted that the filing is just the first step in a potentially lengthy regulatory process, and the approval of a Dogecoin ETF is not guaranteed.
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