Elon Musk’s DOGE to Use Blockchain to Show Public TAX Money Spending, Bitwise Plans $DOGE ETF

Two very big news came for Dogecoin Cryptocurrency directly & indirectly; the sudden increment in the trade volume of Dogecoin Cryptocurrency is reflecting a new level of bull sentiment among Dogecoin lovers.

Dogecoin is a popular meme Cryptocurrency, launched by Billy Markus & Jackson Palmer in 2013. Both of the Dogecoin creators are no longer crypto investors. With time, Dogecoin Cryptocurrency lost its popularity, but suddenly in 2020, one of the richest people Elon Musk promoted Dogecoin as the best Cryptocurrency & called it the future’s best payment Cryptocurrency. Musk’s support helped Dogecoin to get a position in the top 10 cryptocurrencies in the market.

Recently, a Bloomberg ETF expert shared some details about Bitwise’s Dogecoin ETF plan.

Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (vs some whack job committing forgery for a quick pump a la BlackRock XRP that one time). pic.twitter.com/MxoswD0IFy

— Eric Balchunas (@EricBalchunas) January 22, 2025

Some other media reports also confirmed that Bitwise & REX Shares established a partnership to launch the Dogecoin spot ETF product.

@BitwiseInvest has registered a Delaware trust for a potential Dogecoin ETF, marking an initial step toward launching an exchange-traded fund for the popular meme coin. While this is not yet an official SEC filing, it indicates Bitwise's interest in offering $DOGE-focused… pic.twitter.com/W0aJ1rMtV3

— Susko (@susko_insider) January 25, 2025

On the other hand, Elon Musk proposed to use blockchain technology to track the government’s fund spending. Currently, Musk is one of the top leaders of DOGE, the Department of Government Efficiency, and he is probably interested in bringing public money spending details on the blockchain network so that the public can check & track how their tax money was spent by the government authorities.

🚨 BREAKING: ELON WANTS BLOCKCHAIN TO TRACK US GOVERNMENT SPENDINGElon is reportedly exploring blockchain tech to revolutionize federal operations under the Department of Government Efficiency (@DOGE ).Ideas on the table include using blockchain to track government spending,… pic.twitter.com/8KF1vNY3KS

— Mario Nawfal (@MarioNawfal) January 25, 2025

Binance’s former CEO Changpeng Zhao (CZ) also shared his happiness with this new proposal of using blockchain technology to allow the public to track public tax money spending.

Unpopular opinion: 😂All governments should track all their spending on the blockchain, an immutable public ledger. It's called "public spending" for a reason.

— CZ 🔶 BNB (@cz_binance) January 25, 2025

All these developments are helping to derive bull sentiments around Dogecoin Cryptocurrency. However, the DOGE agency is not directly connected with Dogecoin Cryptocurrency, but its intentionally similar name is helping to promote Dogecoin.

The current trade price of Dogecoin is $0.35 & this price level is 1.3% down over the last 24 hours trading period.

The current trade price of #Dogecoin is $0.355 pic.twitter.com/oBVcEupEZX

— Bitcoinik (@Bitcoinikdotcom) January 25, 2025

Read also: 2025 will not show any bull run for altcoins: Here are the 4 big reasons!