DOGE
The year 2024, which began with the stunning launch of U.S.-based Bitcoin exchange-traded funds (ETFs), will end with the hope that more crypto-related investment products will soon hit the market. Even Bloomberg’s Eric Balchunas agreed with ETF Markets on the surprising absence of filings for a Dogecoin ETF.
The cryptocurrency industry has been making rapid gains since the historic launch of BTC ETFs in January 2024. Bitcoin has surged over 125% year-to-date (YTD) and breached the much-anticipated $100,000 barrier. However, the introduction of ETFs linked to popular altcoins is expected to push the cumulative crypto market cap to $4 trillion.
Experts Are Looking For A DOGE ETF Coming Soon
Nate Geraci, president of dent ETF, in a post that it is surprising that no ETF issuer has applied for a Dogecoin ETF yet. He asked what the downside could be and stated that the worst case would be marketing expenses. At the same time, he wonders about the issuer on the “DOGE” ticker.
Balchunas, the chief ETF analyst, agreed with Geraci and suggested that he initially expected them to arrive before Christmas. He now believes they could come after Paul Atkins becomes SEC chairman under the Trump administration. He even speculates on potential ETF issuers: “If I’m in Vegas, my favorite for a $DOGE ticker is Venuto. However, Tuttle is my favorite for a ticker.
Despite being the largest token in the crypto space and having massive backing from Elon Musk, no fund manager has applied for a DOGE ETF with a commission. Balchunas expects applications to come in now that the new management is in place.
Agreed. I thought by Christmas we would see someone file. Maybe wait until Atkins/Trump officially takes over.
If you are in Vegas my favorite place to hold $DOGE is Venuto. However, Tuttle is my favorite place to place an order for an ETF.
— Eric Balchunas (@EricBalchunas) December 23, 2024
With ETFs for spot altcoins Solana (SOL), Ripple’s XRP, and Litecoin (LTC) already in the works, DOGE’s role seems to be just a matter of time. The pro-crypto stance of the incoming leadership is also a sign of a better environment for crypto ETFs.
Dogecoin price has been on a slight decline lately. DOGE is down 21% in the past seven days but is still up a whopping 253% year-to-date. The largest meme cryptocurrency is trading at an average price of $0.316, at press time. It is trading down 56% from its all-time high of $0.737, recorded on May 08, 2021.
The industry knows that Dogecoin is the cryptocurrency of choice for the richest man on earth, Elon Musk. He is now leading the charge for government reform as part of President Trump’s new Dogecoin for Government Efficiency (DOGE). This move has ultimately boosted the price of DOGE.
Musk aims to cut the budget by $2 trillion and overhaul the agency. He is proposing to return federal employees to their jobs, relying on mass resignations. He has even called for cuts to entire agencies and targeted agency leaders like Federal Trade Commission Chair Lina Khan for firing.
The moves reflect the playbook of the X (formerly Twitter) takeover. Musk has been vocal in his criticism of federal employees and agencies. He has singled out Alexis Pelosi, a top climate adviser, and suggested she be fired, and even targeted the Securities and Exchange Commission, calling the government “more broken than you could ever imagine.”
