- Dogecoin (DOGE) surged nearly 12% after 21Shares filed for an SEC-approved Dogecoin ETF, allowing traditional investors to gain exposure to the cryptocurrency without direct purchases.
- This move signals a growing institutional interest in DOGE, which could lead to greater mainstream adoption for the memecoin.
Dogecoin (DOGE) has made waves in the cryptocurrency world as it rallies nearly 12% following a groundbreaking update from asset manager 21Shares. On Wednesday, 21Shares filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC), requesting approval to launch the 21Shares Dogecoin exchange-traded fund (ETF). This marks a significant step for DOGE’s future, positioning it as a mainstream investment vehicle.
21Shares Dogecoin ETF: What’s in Store for Investors?
The proposed ETF will offer investors exposure to the price of Dogecoin without the need to directly purchase the cryptocurrency. This development is crucial for those looking to invest in DOGE through traditional financial markets. Coinbase Custody Trust will hold the fund’s tokens, serving as the official custodian for the ETF. The 21Shares Dogecoin ETF will be a passive investment fund that aims to mirror the price of DOGE rather than trying to outperform it.
According to Duncan Moir, President of 21Shares, “Registered investment vehicles are essential for broadening access to digital assets, and Dogecoin’s growing adoption underscores its significance in the crypto ecosystem.” The filing has also positioned 21Shares among other major firms like Bitwise, REX Shares, and Grayscale, all waiting for the SEC’s approval to launch a Dogecoin ETF in the U.S.
Memecoin Mania: A Surge in DOGE Price and Broader Market Recovery
The announcement has spurred a double-digit surge in the price of Dogecoin, pushing it above 10% for the day. This comes as part of a broader recovery in the crypto market, with memecoins in particular seeing a boost. The memecoin sector jumped over 12% in response to President Trump’s recent announcement of a 90-day tariff pause on 75 countries. While DOGE’s price has rallied, it still faces losses of 5% over the past week and 17% year-to-date.
Despite the overall recovery, the DOGE ETF filing signals a new phase in the asset’s journey, potentially bringing it to new investors and markets. As the cryptocurrency space continues to evolve, investors are keeping a close eye on these developments, which could change the landscape of memecoin investing forever.
Will DOGE ETFs Take Off?
As more traditional investment vehicles for cryptocurrency come into play, Dogecoin’s inclusion in an ETF could pave the way for greater mainstream adoption. The growing interest in DOGE, coupled with institutional support, may set the stage for a new chapter in its investment narrative.
