The year 2024, which began with the banging launch of the US Bitcoin spot exchange rraded funds (ETFs), is ending with the hopes that more crypto-linked investment products will soon enter the market. Bloomberg’s Eric Balchunas even agreed with the ETF Store’s president on the surprising absence of filings for a Dogecoin ETF.
The crypto industry has registered rapid gains since the historic launch of BTC ETFs in January 2024. Bitcoin recorded a surge of over 125% on a year-to-date (YTD) basis and has knocked off the much anticipated $100K barrier. However, it is expected that the introduction of popular altcoins linked ETFs will push the cumulative crypto market cap to thrash the $4 trillion mark.
Experts seek DOGE ETF soon
Nate Geraci, President of the ETF Store, in a post stated that it is a shock that no ETF issuer has filed for a Dogecoin ETF yet. He asked what could be the downside and mentioned that the worst case would be its marketing expense. Meanwhile, he wonders which issuer is sitting on the ‘DOGE’ ticker.
Senior ETF Analyst Balchunas agreed with Geraci and suggested that he was initially expecting them before Christmas. He now believes they might come after Paul Atkins becomes SEC chair under the Trump administration. He even speculates on potential ETF issuers: “If I’m Vegas, my favorite on the reserve of $DOGE ticker is Venuto. That said, Tuttle is my favorite to file.”
Despite being the biggest meme coin in the crypto space and massive support from Elon Musk, no such investment fund manager has filed for a spot DOGE ETF with the commission. Balchunas now predicts filings after the new administration takes office.
Agree. Thought by Xmas we’d see someone file. Maybe waiting til Atkins/Trump officially in charge. If I’m Vegas my favorite on reserver of $DOGE ticker is Venuto. That said Tuttle is my fav to file for the ETF.
— Eric Balchunas (@EricBalchunas) December 23, 2024
With spot altcoin ETFs for Solana (SOL), Ripple’s XRP, and Litecoin (LTC) already in the works, it feels like DOGE’s turn is just a matter of time. The pro-crypto stance of incoming leadership is also a signal for a better environment around crypto ETFs.
Dogecoin price action saw a minor downturn recently. DOGE is down by 21% in the last 7 days but it is still up by a huge 253% on YTD. The biggest meme crypto is trading at an average price of $0.316, at press time. It is trading down by 56% from its all time high of $0.737, recorded on May 08, 2021.
Elon Musk’s D.O.G.E reforms
The industry knows that Dogecoin is the favorite meme crypto of the richest person on Earth “Elon Musk.” He is now leading the charge for government reform as part of President-elect Trump’s new Department of Government Efficiency (D.O.G.E.). This move has boosted DOGE’s price eventually.
Musk is aiming for a $2 trillion budget cut and sweeping agency reforms. He is proposing a return-to-office mandate for federal workers, banking on mass resignations. He even advocated for cuts to entire agencies and targeted agency leaders like FTC Chair Lina Khan for dismissal.
These moves echo his X (formerly Twitter) acquisition playbook. Musk has openly criticized federal employees and agencies. He singled out Alexis Pelosi, a senior climate adviser, suggesting her dismissal and even took aim at the SEC, labeling the government as “more broken than you could possibly imagine.”
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