In what was a groundbreaking development, the US Securities and Exchange Commission (SEC) approved Spto Ethereum ETFs this week. Naturally, the market is now eyeing what assets could follow in its place. Although Solana and Ripple have been getting some hype, could a Dogecoin ETF approval represent a milestone moment for cryptocurrency?
Thus far, only Bitcoin and Ethereum have received spot ETF approval in the United States. However, there is the expectation that their issuance will open the door for other assets. The approval of an investment offering for the leading meme coin could be an unparalleled game-changer for the industry.
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Bitcoin and Ethereum Leading Way for Dogecoin ETF?
2024 has proven to be a landmark year for digital assets. In January, the SEC greenlit the arrival of Spot Bitcoin ETFs in the United States. That decision led BTC to reach new highs just three months later, hitting $73,000. Subsequently, the agency followed that up by approving Spot Ethereum ETFs this week.
That came as a surprise to many, with an Ethereum ETF looking like a long shot just a few weeks ago. Now, the entire industry has its eyes on what cryptocurrency could be next to receive the coveted investment offering. With assets like Solana and Ripple being thrown out, there has been some speculation that the leading meme coin could get a shot.
The idea was addressed by Dogecoin creator Billy Markus himself. In a recent post to X (formerly Twitter), Markus said that “a dogecoin ETf would be amusing,” in response to user questions regarding the idea.
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The idea of a meme coin receiving an ETF does appear to be a long shot, but DOGE has proven its worth for more than a decade. The asset has even received approval for a Coinbase Derivatis futures listing on the meme coin by the Commodity Futures Trading Commission (CFTC).
Dogecoin is currently the eighth largest cryptocurrency by market cap, with a value of $23.7 billion, according to CoinMarketCap. Over the last 24 hours, the asset has seen an 88% surge in trading volume, with the figure surpassing $3 billion.
The meme coin market certainly illicit some concern from traditional finance, but DOGE stands out for its overall prominence. Additionally, a Dogecoin ETF would bring about massive strides in the effort to legitimatize the meme coin market. The issuance of the investment vehicle would undoubtedly be a milestone moment for the industry at large.