A new product emerges in the cryptocurrency market: a Dogecoin ETF. This fund could signal the beginning of a new era for meme coins in the US.
Launch of REX-Osprey Dogecoin ETF
The REX-Osprey Dogecoin ETF (DOJE) is set to launch on September 11. This fund will offer investors direct access to Dogecoin within a framework designed for faster SEC approval under the Investment Company Act of 1940.
Regulatory Landscape and Prospects
The SEC is currently reviewing several other Dogecoin ETF applications from companies like Bitwise, Grayscale, and 21Shares. Additionally, Canary has proposed the PENGU ETF, which would provide indirect exposure to the meme coin Pudgy Penguins. The anticipated launch of DOJE has already resulted in an 11% price increase for Dogecoin over the past week.
Historical Context and Future of ETFs
The approval process for these advanced ETFs requires the SEC to take more time for decision-making. Some applications, like Bitwise, are awaiting a response until November 12. Analysts note that there are currently 92 other crypto ETF proposals under review in the US, indicating a growing interest in cryptocurrency markets.
The launch of the Dogecoin ETF marks a potential leap in the development of meme coins in the ETF market. Four years ago, such a possibility seemed unimaginable.
