Bitwise Abandons Dogecoin ETF Amidst Poor Performance

Bitwise has announced that it will shut down its Dogecoin ETF (BWOW) next month, citing low investor demand and poor performance compared to rival funds. The fund, which debuted in November last year after receiving approval from the SEC, had generated only $300 million in total trading volume since its inception.

Bitwise attributed the decision to dissolve the fund's operation to factors beyond its control, including low customer demand and poor performance relative to other ETFs such as Hyperliquid, Zcash, and Chainlink. The company stated that investors will receive their money after liquidation once the final trading session takes place on October 14.

The news has contributed to Dogecoin's struggles, with the token experiencing a significant drop in price over the past two weeks. The asset is currently trading at $0.08493, down from its impressive highs seen just two weeks ago.