The first Dogecoin Exchange Traded Product (ETP) has officially launched, generating excitement about the potential for DOGE price appreciation. Combined with several other bullish factors that have driven the recent increase in DOGE's price, this new ETP positions the leading meme coin with the potential to increase by 100% to new highs.

Valour launches the first Dogecoin ETP

Valour Inc., a DeFi technology subsidiary, has introduced the Dogecoin ETP on the Spotlight Stock Market in Sweden. This development marks the world's first Dogecoin ETP available in Northern Europe, specifically in the Nordic countries.

According to a press release published by Valour, the new Dogecoin ETP will effectively expand the company's DeFi products and audience reach. Currently, Valour provides access to a variety of managed digital asset ETPs, including Bitcoin, Ethereum, and many leading cryptocurrencies.

The company has about 40 ETPs on exchanges and a total assets under management (AUM) of $609 million. With the new Dogecoin ETP, Valour can expand its services to new markets and investors, and DOGE is poised to see even greater adoption.

Valour reveals that the newly launched Dogecoin ETP will help investors gain easier access to this popular meme coin, allowing them to track its market performance without the risks or complexities of directly owning cryptocurrency.

Elaine Buehler, Head of Products at Valour, clarified the new development, revealing that the launch of the world's first Dogecoin ETP marks an important milestone aligned with the company's mission to democratize access to digital assets. Furthermore, she expressed excitement about being able to launch a product that 'captures the essence' of the dynamic community and market presence of DOGE.

Will the new ETP drive DOGE's price up by 100%?

As of the time of writing this article, Dogecoin is trading at $0.39, according to CoinMarketCap. Although it has tested and failed to break through the resistance level of $0.4, the price of DOGE has seen an impressive increase since the beginning of the month.

This price increase is primarily driven by the overall market sentiment and bullish factors such as the conclusion of the U.S. presidential election, SpaceX, and Tesla CEO Elon Musk.

With the launch of the Dogecoin ETP, which could act as another important price catalyst, DOGE may witness a strong price surge of 100%, reflecting a spike to $0.78. Many analysts have predicted that DOGE could reach the $1 mark before the year's end, potentially positioning it as one of the best-performing assets in this bullish market.

In addition to the bullish sentiment created by the new Dogecoin ETP, Johanna Belitz, Head of Northern Europe at Valour, emphasized that the results of the U.S. election and Musk's influence have effectively boosted the popularity and demand for DOGE.

Due to increased demand and reduced supply typically driving prices to spike, DOGE may witness further price increases if positive sentiment around the new Dogecoin ETP fuels the price surge.