Following a Tuesday pump, Dogecoin is on the way back down after Elon Musk's DOGE agency website ditched the iconic meme imagery.

The asset management firm Bitwise has reportedly been taking the first steps to file an application with the U.S. Securities and Exchange Commission (SEC) for a Dogecoin (DOGE) exchange-traded fund (ETF).

Crypto index fund manager Bitwise has submitted a filing for a Dogecoin ETF, prompting analyst Ali Martinez to say it could fire DOGE to $15.

Dogecoin is ideal for microtransactions due to its low transaction costs and fast block times. Elon Musk has consistently endorsed Dogecoin, increasing its mainstream adoption. As more people adopt Dogecoin, cloud mining has become an attractive way to acquire it.

A Department of Government Efficiency website has appeared, prominently featuring the Dogecoin logo—causing the token to spike.

DOGE has received much attention since Elon Musk started supporting it and has a very active fan base. Unlike some meme coins, this one has managed to remain relevant and gain popularity among small investors in the crypto world.

Dogecoin (DOGE) rallies nearly 5% on Monday as crypto tokens gain momentum ahead of Donald Trump’s inauguration event. The Washington Post uncovered a lawsuit likely to be filed against Elon Musk’s Department of Government Efficiency (DOGE) as soon as the President-elect takes office.

Dogecoin has gained retail traction after the official website of the US Department of Government Efficiency launched.

Dogecoin ( DOGE 5.88%) is climbing higher Tuesday despite a backdrop of pullbacks for the broader crypto market. The popular meme coin's token price was up 3% over the past 24 hours as of 11:40 a.m. ET. Bitcoin 's price was down 0.9%, and the price of Ethereum was down 1.6%.

In the ever-ambitious Elon Musk, the man behind Tesla, SpaceX, and Neuralink, this penchant for disruption has been on the cards for a long time.

Elon Musk — the world’s richest man alive — has been handed his own task force designed to reign in government spending. Here’s what you need to know about DOGE, which President Donald Trump officially created on Monday.