Will Bitcoin and Ethereum Lead the Way for Dogecoin ETFs?
2024 has proven to be a landmark year for digital assets. In January, the U.S. Securities and Exchange Commission (SEC) approved a spot Bitcoin ETF for listing in the U.S. The decision sent BTC to a new high of $73,000 just three months later. The agency then approved a spot Ethereum ETF this week.
This came as a surprise to many, as just a few weeks ago, an Ethereum ETF looked far away. Now, the entire industry is watching which cryptocurrency will be the next to get the coveted investment opportunity. With assets like Solana and Ripple being left behind, there is speculation that the leading meme coin may get the chance.
Dogecoin founder Billy Markus himself came up with the idea. In a recent post on X (formerly Twitter), Markus responded to a user’s question about the idea by saying that “a Dogecoin ETF would be fun.”
The idea of a meme coin getting an ETF seems unlikely, but DOGE has proven its worth for more than a decade. The asset has even received approval from the U.S. Commodity Futures Trading Commission (CFTC) to list memecoins on Coinbase Derivatis Futures.
According to CoinMarketCap, Dogecoin is currently the eighth-largest cryptocurrency by market cap, valued at $23.7 billion. In the past 24 hours, the asset's trading volume surged 88% to over $3 billion. (See the homepage for nearly 1 skirt)
The memecoin market has indeed raised some concerns in traditional finance, but Dogecoin stands out for its overall prominence. In addition, a Dogecoin ETF would bring huge progress to the efforts to legitimize the memecoin market. The issuance of the investment vehicle will undoubtedly be a milestone moment for the entire industry.
