Can Dogecoin price hit $2.2 as Bitwise ETF hype builds?

Dogecoin price sees upward momentum following market anticipation towards Bitwise’s DOGE ETF which is set to go live by the end of this month.

On Nov. 7, Bloomberg ETF analyst Eric Balchunas shared that the Bitwise Dogecoin spot exchange-traded fund could see its market debut in 20 days after the crypto asset manager filed to amend its registration form to the SEC.

According to the filing, Bitwise has eliminated the “8(a)” clause, also known as the “delaying amendment,” which previously allowed for the SEC to delay the launch of ETFs at their discretion. The amended form means that is likely that the DOGE (DOGE) ETF could by listed for approval after the 20-day waiting period it over.

Balchunas seemed to hint at a possible ETF launch for Bitwise’s DOGE ETF in the next 20 days, which could fall somewhere between November 26 to November 27 if the SEC does not intervene with the debut.

“Looks like Bitwise is doing the 8(a) move for their spot Dogecoin ETF, which basically means they plan on going effective in 20 days barring an intervention,” said Balchunas in his latest post.

The anticipation surrounding a possible ETF launch for Dogecoin has ignited bullish sentiment for the token. Within the past day, Dogecoin price has gone up by 4%, reaching as much as $0.18 after a downward trend that lasted throughout the past month.

At press time, Dogecoin price still stands more than 75% below its previous all-time high at $0.7316.

Could Dogecoin price skyrocket after ETF launch?

If Bitwise spot Dogecoin ETF does go live on the market this month, it could mark a significant milestone for the memecoin. The launch of the first DOGE ETF on the U.S market could grant institutional investors exposure to the popular meme coin for the first time.

Historically, the launch of crypto ETFs have triggered major inflows and fueled bullish sentiment across the crypto market. It marks a shift for Dogecoin from a flimsy hype-driven meme token to a serious institutionally recognized asset worthy of investment, which could attract new investors and create a buying frenzy.

However, there have also been cases where the hype ends up dying down just after the listing. For instance, Bitwise’s previous Solana (SOL) Staking ETF only managed to push Solana above $200 for only a brief period before it sunk back below the line.

For one thing, Dogecoin price must break through multiple resistance zones placed around $0.26, $0.41 and $0.54 before any parabolic rise could take place. These levels represent key barriers where traders are likely to take profits, which could slow down the climb. On-chain data suggests that the token is seeing modest buying interest, but there is no indicator that suggests a breakout to multi-dollar territory even with institutional backing from ETFs.

Unless trading volumes multiply significantly and large holders continue to accumulate, the possibility of a rapid jump to $2.20 still appears small but not completely unlikely.

While a short-term moonshot to $2.20 appears unrealistic for now, the Dogecoin ETF’s approval could mark the beginning of a new chapter. After the ETF launch, Dogecoin could be treated as more than just a speculative meme asset.

If momentum builds over the next few years, especially during a broader crypto bull cycle, reaching or approaching the $2 range could eventually move from fantasy to possibility.