Key Insights:
- Dogecoin climbed above $0.17 with an 8% daily gain, signaling renewed optimism across the recovering cryptocurrency market.
- Bitwise’s Spot Dogecoin ETF, ticker “BWOW,” awaits SEC review, with a potential automatic approval by November 12.
- Whale accumulation at $0.20 and strong technical signals indicate sustained bullish momentum ahead of the ETF’s expected launch.
Dogecoin’s price advanced beyond $0.17, marking an 8% increase in the past 24 hours as investor confidence strengthened. The broader cryptocurrency market also recorded a modest 1.4% recovery after a week of heavy losses. Traders have started re-entering the market, encouraged by easing volatility and optimism surrounding the anticipated approval of the Bitwise Spot ETF.
Bitwise Asset Management has submitted its fourth amendment to the S-1 filing with the U.S. Securities and Exchange Commission. This move activated a 20-day review period under Section 8(a), with November 12 set as the deadline for an SEC response. If no objections are raised, the ETF will automatically gain approval. The proposed fund, listed under the ticker symbol “BWOW” on NYSE Arca, aims to provide direct exposure to Dogecoin through the CF Dogecoin-Dollar U.S. Settlement Price Index.
Coinbase Custody to Manage Dogecoin Holdings
Coinbase Custody has been appointed as the custodian of the ETF’s Dogecoin reserves, with all essential operational details finalized. The updated filing removed the delayed amendment clause, signaling readiness for a timely launch. The development highlights the growing recognition of meme-based digital assets in mainstream finance and could set a precedent for similar ETF products in the future.
On-chain data from Glassnode revealed that approximately 11.12 billion Dogecoins were accumulated near the $0.20 price level. This range now represents a strong resistance zone. Analysts note that a convincing breakout above this barrier could open the way for further gains toward $0.22 and $0.25. Conversely, a pullback toward $0.16 could occur if bullish momentum weakens below the $0.18 threshold.
Technical Indicators Show Bullish Trend
The four-hour Dogecoin price chart shows a positive trend, with the MACD line crossing above the signal line, often viewed as a bullish indicator. The Relative Strength Index has risen, suggesting growing buying pressure and renewed enthusiasm among traders. The technical setup indicates that Dogecoin could sustain upward momentum as investors await the outcome of the SEC’s decision on the Bitwise ETF.
