Grayscale Investments has submitted an application for a Dogecoin exchange-traded fund (ETF), which may significantly impact the cryptocurrency market.
Dogecoin ETF Application
Grayscale Investments has submitted an application to create a Dogecoin (DOGE) ETF under the ticker symbol $GDOG. The fund will be listed on the NYSE Arca and is awaiting approval from the Securities and Exchange Commission (SEC). This move is a step towards legitimizing the meme-based cryptocurrency in institutional markets.
Market Impact and Volatility
Grayscale's application temporarily lifted Dogecoin's price by 2.5%, but in the following 24 hours, the price fell by 4.17% to $0.2238. The market capitalization of DOGE stands at $33.71 billion, with a circulating total of 150.57 billion coins, making the token vulnerable to broader market downturns.
A New Alternative: LILPEPE
Traders and investors are redirecting attention toward a new meme token called Little Pepe (LILPEPE), which promises significant gains. Currently, during the presale, 98.06% of the $22.32 million goal has been raised, with the token priced at $0.0020. The unique features of this token, such as zero transaction tax and high trust levels, contribute to its growing popularity.
Grayscale's support for Dogecoin and the growing interest in LILPEPE highlight the dynamism and volatility of the cryptocurrency market, emphasizing the importance of institutional backing and community engagement.
