In early June 2025, the U.S. Securities and Exchange Commission (SEC) announced an extension of the review period for several cryptocurrency exchange-traded fund (ETF) applications, including the Dogecoin (DOGE) ETF submitted by Bitwise and the Hedera Hashgraph (HBAR) ETF submitted by Grayscale and Canary Capital.
The SEC stated that this move aims to gather more public opinions and thoroughly assess whether these new financial products comply with federal securities laws and investor protection requirements. This decision reflects the SEC's cautious regulatory stance in the face of a rapidly evolving cryptocurrency market.
According to SEC documents, the reason for the delayed review is concerns about whether the proposed ETF meets the requirements of Section 6(b)(5) of the Securities Exchange Act. This provision requires that exchange rules effectively prevent fraud and market manipulation and protect investors and the public interest.
The SEC is evaluating whether the rule changes for the Bitwise Dogecoin ETF (based on NYSE Arca Rule 8.201-E) and the HBAR ETFs from Grayscale and Canary Capital (based on NASDAQ Rule 5711(d)) meet these standards. Additionally, the SEC must ensure that exchanges have robust trading surveillance mechanisms to address the high volatility and potential risks in the cryptocurrency market.
As a leading meme coin with a market capitalization of approximately $23 billion, Dogecoin has recently shown weak performance.
As of June 13, 2025, Dogecoin is trading at $0.1729, down about 8.5% in the past 24 hours, having retreated over 15% from this week's high of $0.1943. During the same period, influenced by market risk aversion, the meme coin sector as a whole faced pressure, with the market capitalization of Shiba Inu (SHIB) and Pepe (PEPE) shrinking by nearly 12%.
Technical analysis shows that Dogecoin failed to break through the 50-day Exponential Moving Average (EMA) at $0.1894, declining for four consecutive days and hitting a low of $0.1611. If the downtrend continues, the next key support level is at $0.1547 (the low on April 20).
The Moving Average Convergence Divergence (MACD) indicator shows a bearish signal, with the histogram below the zero line expanding, suggesting that bearish momentum is increasing. The Relative Strength Index (RSI) stands at 34, close to the oversold area, and a potential double bottom pattern could trigger a bullish divergence, providing a rebound opportunity.
However, if Dogecoin falls below the support level of $0.1547, it may further test $0.1358 (the low on March 15). Conversely, if the price rebounds from the current level and breaks above the 50-day EMA at $0.1894, it could retest the psychological level of $0.2000.
The SEC's delayed review of the Dogecoin and HBAR ETFs has intensified market uncertainty, putting investor confidence in meme coins to the test. Despite the active Dogecoin community and long-standing celebrity endorsements (such as Elon Musk), its price volatility and lack of fundamental support make it particularly vulnerable in a bear market. Technical indicators show that short-term downside risks are dominant, but the oversold signal from the RSI leaves the possibility of a potential rebound.