Billy Markus, one of the Dogecoin (DOGE) founders, recently addressed the speculation about the SEC possibly approving a Dogecoin ETF. This speculation has grown following the approval of Bitcoin and Ethereum ETFs, leading many to ponder which cryptocurrency might be next.
Markus seems to downplay these rumors, suggesting they are not particularly likely to him. Although DOGE began as a meme coin, it has achieved widespread acceptance over the past decade. Numerous businesses now accept it as a payment method, maintaining its market presence.
Dogecoin’s classification as a nonsecurity positions it well for an ETF. Earlier this year, the CFTC gave the green light to Coinbase futures on Dogecoin. This regulatory nod is seen as a pivotal move that could facilitate more traditional financial institutions’ engagement with DOGE.
if dogecoin gets a spot etf my entire reaction will be “lol”
— Shibetoshi Nakamoto (@BillyM2k) May 23, 2024
Presently, Dogecoin ranks as the largest meme cryptocurrency, with a market cap of $22.88 billion and a daily trading volume of $3 billion. The coin is currently valued at $0.158, significantly lower than its peak of $0.74 in May 2021.
The concept of a Dogecoin ETF offers both potential benefits and concerns. On one side, it could lead to increased institutional involvement and market validation. On the other side, it raises issues about the increasing influence of entities from traditional finance on the cryptocurrencies.
