Dogecoin (DOGE), the meme cryptocurrency created in 2013 as a joke, is poised to make its way onto Wall Street. After the approval of spot ETFs for $BTC and $ETH this year, asset managers have filed for more ETF products that would give investors access to digital assets through traditional brokerage accounts.
Eric Balchunas, an ETF analyst at Bloomberg, believes the trend of expanding ETF products will continue and does not rule out the possibility of a $DOGE spot ETF in the future. Balchunas shared that he was surprised that no application for a Dogecoin ETF has been filed yet.
However, the approval process for cryptocurrency ETFs has always been difficult because the US Securities and Exchange Commission (SEC) requires assets to have a regulated and liquid futures market. Currently, Dogecoin does not meet these criteria. However, with SEC Chairman Gary Gensler expected to step down after Donald Trump is re-elected, the approval standards may become easier.
Rayhaneh Sharif-Askary, product manager at Grayscale, said Dogecoin has become a major asset in the company’s consumer-facing and pop culture crypto portfolio. Despite being a meme coin, DOGE has shown real potential as a peer-to-peer currency.
While no Dogecoin ETF applications have been filed yet, Grayscale is considering including DOGE in its future products, as the coin has demand from retail users. This suggests that the potential for a Dogecoin ETF is possible, especially if there is more regulatory clarity.