Dogecoin Drops 9% After SEC Delays Bitwise DOGE ETF Decision

Dogecoin (DOGE -9.05%) took a steep dive on Thursday after the U.S. Securities and Exchange Commission (SEC) opted to delay its decision on the Bitwise Dogecoin ETF. The bellwether meme coin shed nearly 7% by late afternoon, sending a ripple of disappointment through the crypto community.

The SEC Pumps the Brakes Again

Crypto markets had been watching closely for a ruling on several altcoin ETFs. Instead, the SEC chose to kick the can further down the road. Among the applications delayed:

• Bitwise Dogecoin ETF

• Grayscale Hedera Trust

• VanEck Avalanche ETF

These delays continue a trend of cautious, incremental movement from the regulatory body, which has thus far only approved spot Bitcoin and Ethereum ETFs for trading.

“The SEC isn’t rejecting these ETFs — it’s just not greenlighting them yet. That limbo is frustrating investors,” said one market analyst.

Why Crypto ETFs Matter

The rise of spot ETFs in crypto, especially since the SEC approved Bitcoin ETFs in early 2024, has sparked a new era of institutional adoption. Here’s why they matter:

• Ease of access: Investors can gain exposure to cryptocurrencies through familiar brokerage accounts — no digital wallet or private keys required.

• Legitimacy: ETF approval often signals that a token has passed at least some regulatory muster.

• Liquidity: Publicly traded ETFs offer better liquidity and lower friction than buying the actual asset on exchanges.

But when delays hit, speculative assets like Dogecoin — driven as much by sentiment as by fundamentals — can react sharply.

Not a Knockout Blow — Just a Stumble

While the price movement may sting, the broader trend for DOGE and similar tokens may still be intact. The SEC’s delay isn’t a denial, and there’s reason to believe a greenlight could still come later this year.

“This feels more like a brief, annoying setback than a lasting defeat,” one crypto investor remarked.

The current administration has signaled a more open stance toward digital assets compared to previous years, and pressure is mounting from institutional players to open the door wider for altcoin ETFs.

Should Dogecoin Investors Be Worried?

In short: not necessarily. Volatility is the norm in crypto markets, and Dogecoin remains among the top 10 cryptocurrencies by market cap. However, patience is key. The ETF delay could slow near-term momentum, but it doesn’t alter DOGE’s long-term speculative thesis.

Key DOGE stats as of market close:

• Price: $0.17

• Day’s Range: $0.17 – $0.19

• 52-Week Range: $0.08 – $0.48

• Market Cap: $26B

• Volume: 1.77B DOGE

Investor Takeaway

Crypto investors have grown accustomed to a “hurry up and wait” dance with the SEC. While this delay hit Dogecoin hard today, the underlying narrative of mainstream ETF adoption remains intact. Bulls may want to use the dip as a buying opportunity — assuming they still believe in Dogecoin’s unique blend of meme power and market presence.