Dogecoin, the largest meme cryptocurrency by market cap, plunged over 3% during Thursday’s U.S. market session. The bearish momentum can be linked to the broader market downtick as Bitcoin experiences overhead supply at $108,000 and the Middle East crisis prolongs. Despite the price decline, this meme coin regained investors’ attention as Bitwise Asset Management amended its S-1 filing for the Bitwise Dogecoin ETF. Will a price reversal follow?
Bitwise’s S-1 Filing Signals Major Step for Dogecoin Spot ETF Approval
On Thursday, June 26, 2025, Bitwise Asset Management filed an amended form S-1 registration with the Securities and Exchange Commission (SEC) for its spot Dogecoin ETF, along with a similar filing for spot Aptos ETF. A huge update to the filing highlights the ability to create and redeem ETF shares “in-kind” rather than only in cash.
The modification enables the ETF to avoid certain financial transaction fees, offering investors a more cost-effective means of gaining exposure to Dogecoin.
Bloomberg ETF analysts Eric Balchunas and James Seyffart have recently raised their odds of SEC approval for the Spot Dogecoin ETF in 2025 to 90%, underscoring their strong confidence that regulatory hurdles will soon be cleared.
If approved, the ETF would attract retail and institutional investment to Dogecoin, boosting its market visibility and demand pressure
Dogecoin Price Coiling For Major Breakout
Earlier this week, the crypto market witnessed a bullish rebound as the news spread about a potential ceasefire between Iran and Israel. However, the momentum was short-lived as tensions between the two nations persisted, resulting in renewed pressure on the broader market.
Today, the Dogecoin price plunged over 3% to its current trading value of $0.590, indicating a sell-the-bounce sentiment continues to dominate the market.
With sustained selling, the memecoin could plunge over 7% to retest the long-coming support trendline at $0.148. Since August 2024, the ascending trendline has served as a dynamic support for buyers, providing a suitable accumulation point for a potential reversal.
If the buyers continue to defend this support, the coin price could rebound 25% and re-challenge the downsloping resistance trendline as shown in the chart below.
A breakout from either of these trendlines would determine the future movement in Doge price.
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