Bitwise Moves to Launch Dogecoin ETF While Elon Musk Seems to be Cutting Ties

James Seyffart, an ETF expert for Bloomberg, shared a post on X that contained legal documentation of a trust created by Bitwise in the state of Delaware. The entity was named “BITWISE DOGECOIN ETF.”

This would be the usual structure and state of incorporation that asset management companies pick for this kind of investment vehicle.

Although this does not necessarily mean that Bitwise will file an application right away, it does reveal how the industry is moving rapidly to be frontrunners in all sorts of crypto-linked exchange-traded products (ETPs).

Alongside this Bitwise initiative, Seyffar and his colleague Eric Balchunas from Bloomberg also noticed that the Miami-based asset management company REX Shares moved to file ETF applications for both DOGE and Official Trump (TRUMP).

They highlighted that REX Shares picked a different fund structure that could expedite the approval process and beat several widely awaited spot vehicles for well-established tokens like XRP, Solana, and Litecoin.

The market has not been kind to DOGE despite these moves as data from CoinMarketCap indicates that the price of the digital assets has retreated by 9.7% in the past 7 days.

DOGE Reverses Downtrend and Touches Key Trendline Support

The price of DOGE has crashed by 24% since its December 8 closing high and repeatedly found a floor near or at the $0.30 level.

Despite this temporary weakness, the daily chart shows that DOGE is still on an uptrend as it has kept making higher lows along the way. During today’s session, the price is temporarily bouncing off a long-dated trend line support.

In addition, the price also made a higher high, which confirms the continuation of a bullish trend.

Now that the significant volatility tied to Donald Trump’s inauguration speech has subsided, the price may continue to climb to new heights but at a much slower pace.

Trading volumes in the past few days have started to drop below the average, which is typically a good indication that sellers could have already exhausted their ammunition.

Meanwhile, the Relative Strength Index (RSI) has also made higher highs in the past week, which also affirms that momentum is on the positive side.

Moving forward, if this trend line support holds, chances are that DOGE could rise to the $0.45 level in the near term. Meanwhile, if that support line fails, the $0.30 area would be the most relevant to watch to predict this token’s next moves.

Musk Disassociates his Government Department from DOGE by Removing Website Imagery

The arrival of $TRUMP has captured investors’ flows to the meme coin space since last Friday while Elon Musk also made a move that disappointed the community of DOGE fans.

The Department of Government Efficiency (DOGE), an entity that Musk will supposedly lead to cut costs and optimize public structures during the Trump administration, removed all of the imagery that made reference to Dogecoin from its official website.

Musk’s links to the meme coin have always provided a tailwind to the price and this decision to cut ties with it has also impacted the price of DOGE negatively and could affect its short-term prospects.

Meanwhile, just minutes after Donald Trump was sworn in, a lawsuit was filed against this Musk-led government initiative. The plaintiffs alleged that the committee failed to comply with the level of transparency and diversity required by the law.

Trump primarily appointed tech executives, billionaires, and other individuals who were notoriously friendly to his political campaign. Advisory boards like DOGE need to include people with different points of view and even diverging stances on the matters that they plan to tackle to ensure that they adopt a balanced approach to policy recommendations.