- The first Dogecoin Exchange Traded Product (ETP) launched in Europe, signalling the growing acceptance of meme coins in traditional finance.
- The launch coincides with increasing interest in crypto ETPs and the potential approval of a Dogecoin ETF in the U.S.
This move marks a significant step for Dogecoin, transforming it from an internet joke into a regulated financial product. The introduction of a Dogecoin ETP aims to attract institutional investors who have previously been hesitant to directly invest in cryptocurrencies.
Dogecoin ETP: A Step Towards Mainstream Adoption?
Leading asset manager 21Shares has partnered with the House of Doge to launch Europe’s first Dogecoin ETP on the SIX Swiss Exchange, under the ticker DOGE. This ETP is 100% physically backed, providing a transparent and secure way for investors to access Dogecoin through traditional markets. The ETP carries a management fee of 2.50%, covering storage, insurance, and administrative costs.
Much wow. Now live! In partnership with @houseofdoge, we’re excited to introduce the only Dogecoin ETP endorsed by @dogecoinfdn, now available through your bank or brokerage. Here’s to the meme that made it!
as shared by their official X account.
Duncan Moir, President of 21Shares, emphasized that this ETP offers the most direct route for investors seeking exposure to Dogecoin and its ecosystem. He highlighted Dogecoin’s cultural significance and its role in driving broader crypto adoption.
21Shares is no stranger to crypto ETPs, already offering products tied to Bitcoin and Ethereum. The firm has also filed for XRP, Polkadot, and Solana ETFs in the U.S., signaling strong demand for diversified crypto investment vehicles.
Interest in Dogecoin-related investment products is also growing in the U.S. The SEC is currently reviewing a Dogecoin ETF filing from NYSE Arca, with potential approval on the horizon. Other firms like Rex Osprey and Bitwise have also submitted applications, reflecting increasing confidence following the SEC’s approval of spot Bitcoin ETFs in 2024. Polymarket, a decentralized prediction platform, currently estimates a 65% probability of approval for a Dogecoin ETF.
Despite this optimism, the SEC has historically been cautious with meme coin-related products. Currently, DOGE is trading at around $0.1565, up 10% in the last 24 hours, but a 16.34% drop over the past week and significantly below its all-time high of $0.7376 in May 2021. Its trading volume has also dropped by 6%.
This volatility highlights the risks associated with cryptocurrency investments. Technical analysis shows that DOGE lacks strong support for price growth, with a neutral RSI reading of 34.30 and a price below its 50-day average of $0.1921, indicating bearish patterns.
That said, there are still a few outside factors that could give Dogecoin’s price a nice boost. Interest is picking up around things like the Dogecoin ETP, and if a U.S. Dogecoin ETF gets approved, that could be a game-changer. It might attract more institutional money and spark a short-term rally. Whether that momentum sticks around in the long run, though, is still up in the air.