#XRPAndSECShift Bloomberg senior ETF analyst Eric Balchunas recently predicted the filing date for the Dogecoin ETF as the idea is gaining momentum.
Dogecoin has been at the center of a bullish rally this cycle. In addition to the recent outstanding price figures, the token's ties to Elon Musk have contributed to the growing interest in the meme coin.
Interestingly, Elon Musk has stated that he is not serious about Dogecoin. However, his role in the creation of the parastatal Department of Government Efficiency ($DOGE
), named after the leading meme coin, represents one of his moves that inspires Dogecoin supporters.
Although Dogecoin remains a joke coin, its growing popularity has provoked speculation about an exchange-traded fund that tracks the performance of the asset. With the noise growing, Bloomberg senior analyst Eric Balchunas recently developed this idea.
The best date to Apply for a Dogecoin ETF
In response to X's message, Balchunas noted that December 31 is the best time to apply for a Dogecoin ETF.
In the context of his comment, the ETF expert seems to be repeating the words of the president of the ETF Store, Nate Geraci. For context, Geraci bluntly told the user who asked when the issuer would apply for the Dogecoin ETF that it was "obvious."
The president of the ETF Store argued that any issuer applying for a DOGE ETF could do so for brand promotion rather than financial gain, implying that submitting an application would be a marketing ploy to endear themselves to the Dogecoin community. It is noteworthy that the similarity of this step is the application for an $XRP
ETF from the recently debuted asset manager Canary Capitals.
Meanwhile, Balchunas previously stated that the Dogecoin ETF is not as unusual as it seems. Noting that he was surprised that no issuer had applied for the product, he hinted that the application might already be prepared.
The upcoming application for the Cardano ETF?
The update of applications from well-known ETF issuers preceded Geraci's comments on Dogecoin. The president mentioned crypto assets with an ETF application pending approval by the U.S. Securities and Exchange Commission (SEC), including Solana, XRP and most recently Hedera.
After the update, Geraci claims that at least one issuer will eventually apply for a Cardano or Avalanche ETF. These two heavyweights are notable assets in the crypto industry, ranking ninth and thirteenth in the market capitalization rankings, respectively.
The Trump administration is promising friendlier regulation of cryptocurrencies for digital assets, which is likely to lead to more ETF approvals. If this becomes a reality, analysts expect a flurry of applications for ETFs.
