## Can Crypto Dog DOGE Break Through the Impasse? Will Bitwise's New ETF Bring a Turning Point?

Dogecoin (DOGE), after experiencing a rally, is now facing a critical technical test. As of the latest data, this highly watched Crypto dog price remains at $0.13, with a 24-hour change of -0.59%. Since rebounding from the weekend support level of $0.142, DOGE is challenging a descending trendline resistance that has been in place since October 27. This resistance is above the 20-day exponential moving average (EMA), posing a substantial barrier to recent gains.

If DOGE can successfully break through this technical hurdle, it may further advance toward the $0.181 level, supported by the 50-day EMA. Currently, the Relative Strength Index (RSI) and the Stochastic Oscillator are both hovering at neutral levels, indicating that a breakout could send a significant bullish signal to the market from consolidation.

## Wall Street Officially Embraces Crypto Dog: ETF Wave Approaching

Last week, notable changes occurred in the financial markets. Bitwise launched its Dogecoin ETF on the New York Stock Exchange (NYSE), with the ticker BWOW, providing traditional investors with a direct exposure channel to DOGE prices through an ETP structure. This marks another major development following Grayscale's launch of a similar product (GDOG) last Monday.

It is worth noting that GDOG's total trading volume on its first trading day was only $1.4 million. Bloomberg ETF analyst Eric Balchunas commented on this, saying the result was not surprising and humorously noted, "The further you are from BTC, the fewer assets you have."

## 12 Years of Crypto Dog Evolution from Joke to Mainstream

Bitwise Chief Investment Officer Hunter Horsley offered an interesting assessment of DOGE's market position: "DOGE started as a joke but has become a symbol of the Crypto movement. It never claimed to revolutionize global capital markets nor claimed to have deep fundamentals... Despite setbacks, its relevance and value retention in the Crypto space surpass almost all other assets."

This statement vividly illustrates the unique positioning of Crypto Dog DOGE. Created as a lighthearted project based on the Shiba Inu meme, DOGE has evolved over 12 years and now ranks as the tenth-largest Crypto by market cap. Its rise has been dramatic, driven by the trading community on the WallStreetBets subreddit and frequently highlighted by notable figures like Tesla CEO Elon Musk. These factors have periodically fueled DOGE's price volatility.

Recently, besides Bitwise and Grayscale's "33 Framework" ETFs, REX Osprey's Dogecoin ETF was launched as early as September. However, it is registered under the Investment Company Act of 1940 and does not require direct holding of DOGE tokens, differing structurally from the aforementioned products.

As Wall Street institutions increase their focus on Crypto Dog, whether DOGE can break through the technical barriers amid this ETF wave has become a key market focus.