Crypto Quill

The crypto market took a hit during Tuesday’s U.S. trading session, with Bitcoin slipping from the $100,000 level. That ripple effect didn’t spare Dogecoin (DOGE), which saw a break below a crucial two-month support zone. Now, investors are questioning whether Bitwise’s ETF filing can provide a lifeline or if DOGE is staring at a deeper fall.

Bitwise Moves First on a Dogecoin ETF Filing

Bitwise Asset Management made waves on January 29, 2025, by filing an S-1 registration form with the U.S. Securities and Exchange Commission (SEC) for a Dogecoin (DOGE) ETF. If approved, this would be the first-ever ETF dedicated to the meme coin, giving institutional investors a regulated pathway into DOGE.

The significance of this filing can’t be understated. Bitcoin and Ethereum ETFs have already drawn billions in investment, proving that demand for crypto-based financial products is alive and well. Dogecoin’s unique status as a meme-driven asset with a strong community means an ETF could reshape its market dynamics.

One major question remains: Will institutional demand be strong enough to counteract the current selling pressure?

Dogecoin’s Price Struggles Below Crucial Support

For weeks, Dogecoin’s price has been hovering within a tight range, showing signs of hesitation from both bulls and bears. However, recent movements suggest a more decisive shift may be underway.

• DOGE has broken below a pennant triangle pattern, a move that often signals continued bearish momentum.
• The next key support levels sit at $0.30 and $0.26—these areas could attract buying interest, but failure to hold may open the door to further declines.
• Short-term technical charts indicate the formation of a bull flag, suggesting a potential relief rally if buyers step in at key zones.

Traders will be watching closely to see if the ETF narrative can inject fresh optimism into the market. Without it, DOGE may be looking at an extended downtrend.

Is the ETF Buzz Enough to Prevent a Deeper Crash?

Historically, ETF-related news has had a mixed impact on crypto prices. Bitcoin and Ethereum both experienced pre-approval rallies in anticipation of ETF launches, only to see temporary sell-offs once the products went live.

For Dogecoin, the stakes are higher. Unlike Bitcoin, which has established itself as a digital store of value, DOGE remains highly speculative. An ETF would introduce legitimacy, but without institutional accumulation, the price could still struggle to find a solid footing.

A look at key DOGE levels:

Price Level	Potential Outcome
Above $0.40	Bullish momentum builds, with possible retest of $0.50
$0.30 – $0.35	Buyers may step in, but uncertainty remains
Below $0.30	High risk of sharp declines, possibly to $0.26 or lower

While an ETF could spark renewed interest, its real impact will depend on whether big-money investors view Dogecoin as a viable long-term asset.

Final Thoughts: A Make-or-Break Moment for DOGE

Dogecoin’s fate hangs in the balance. The Bitwise ETF filing is a milestone, but it doesn’t guarantee price stability. If Bitcoin regains strength, DOGE could follow suit. If broader market weakness persists, however, Dogecoin may struggle to stay above key levels.

For now, traders and investors will be closely monitoring the SEC’s response, as well as Dogecoin’s ability to hold its ground around $0.30. A definitive move in either direction could set the tone for the weeks ahead.