2024 began with the grand debut of the US Bitcoin spot exchange-traded fund (ETF). Now that the year is coming to an end, the market is full of expectations, looking forward to the rapid influx of more cryptocurrency-related investment products.

Bloomberg’s Eric Balchunas agreed with the ETF Store president’s sentiments about the Dogecoin ETF not happening as expected.

Since the historic launch of the Bitcoin ETF in January 2024, the cryptocurrency industry has been developing rapidly.

Bitcoin has risen by more than 125% since the beginning of the year, successfully crossing the much-anticipated key level of $100,000.

Not only that, the market expects that the launch of popular altcoin-related ETFs will help the cumulative market value of cryptocurrencies break through the important mark of US$4 trillion.

Experts seek to launch DOGE ETF as soon as possible

Nate Geraci, president of ETF Store, pointed out in a post that it is quite surprising that no ETF issuer has applied for a Dogecoin ETF yet.

He questioned what was wrong with that, noting that at worst it was just a marketing cost, and was also curious about which issuer held the “DOGE” ticker.

I had expected the documents to be released before Christmas. Now I think they may not be released until Paul Atkins becomes SEC chairman under the Trump administration.

If I were in Las Vegas making bets, I’d bet on Venuto as the most likely DOGE stock reserve. That being said, I’m more bullish on Tuttle to file the relevant documents.

Despite Dogecoin being the top meme coin in the cryptocurrency space and being strongly backed by Elon Musk, no investment fund manager has submitted a spot DOGE ETF application to the Commission. Balchunas now predicts that such applications will appear after the new government takes office.

Given that spot altcoin ETFs for Solana (SOL), Ripple’s XRP, and Litecoin (LTC) are in the works, it may only be a matter of time before Dogecoin sees a shift.

The new leadership is supportive of cryptocurrencies, which undoubtedly creates a more favorable environment for cryptocurrency ETFs.

Dogecoin’s recent price action has been a bit sluggish, with a 21% drop in the past seven days, but it is still up 253% year-to-date.

As of now, the average transaction price of this largest meme cryptocurrency is $0.316, which is a 56% drop from its historical peak of $0.737 on May 8, 2021.

Elon Musk's DOGE Reform

In the industry, it is well known that Dogecoin is the "favorite" of the world's richest man Elon Musk, and it has attracted much attention as a meme cryptocurrency.

Musk is currently working on government reform as part of President-elect Trump’s newly created Department of Government Efficiency (DOGE). As a result, the price of Dogecoin has risen accordingly.

Musk is ambitious and plans to cut $2 trillion in the budget and carry out drastic institutional reforms.

On the one hand, he advocated forcing federal government employees to return to office, hoping to trigger a large-scale resignation; on the other hand, he also wanted to cut the budgets of some agencies and listed Federal Trade Commission Chairman Lina Khan as targets for layoffs.

These actions are very similar to the strategy he used when he acquired X (formerly Twitter).

Musk has publicly criticized federal employees and related agencies many times, criticized senior climate adviser Alexis Pelosi by name and strongly recommended her dismissal, and even showed no mercy to the U.S. Securities and Exchange Commission (SEC), saying that the government is "worse than imagined."