In what was a groundbreaking growth, the US Securities and Change Fee (SEC) authorized Spto Ethereum ETFs this week. Naturally, the market is now eyeing what property might observe as a substitute. Though Solana and Ripple have been getting some hype, might a Dogecoin ETF approval symbolize a milestone second for cryptocurrency?
To this point, solely Bitcoin and Ethereum have acquired spot ETF approval in the US. Nonetheless, there may be the expectation that their issuance will open the door for different property. The approval of an funding providing for the main meme coin could possibly be an unparalleled game-changer for the business.
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Bitcoin and Ethereum Main Approach for Dogecoin ETF?
2024 has confirmed to be a landmark yr for digital property. In January, the SEC greenlit the arrival of Spot Bitcoin ETFs in the US. That call led BTC to achieve new highs simply three months later, hitting $73,000. Subsequently, the company adopted that up by approving Spot Ethereum ETFs this week.
That got here as a shock to many, with an Ethereum ETF wanting like an extended shot only a few weeks in the past. Now, your complete business has its eyes on what cryptocurrency could possibly be subsequent to obtain the coveted funding providing. With property like Solana and Ripple being thrown out, there was some hypothesis that the main meme coin might get a shot.
The concept was addressed by Dogecoin creator Billy Markus himself. In a recent post to X (formerly Twitter), Markus mentioned that “a dogecoin ETf can be amusing,” in response to person questions relating to the concept.
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The concept of a meme coin receiving an ETF does look like an extended shot, however DOGE has confirmed its price for greater than a decade. The asset has even acquired approval for a Coinbase Derivatis futures itemizing on the meme coin by the Commodity Futures Buying and selling Fee (CFTC).
Dogecoin is at present the eighth largest cryptocurrency by market cap, with a price of $23.7 billion, in line with CoinMarketCap. Over the past 24 hours, the asset has seen an 88% surge in buying and selling quantity, with the determine surpassing $3 billion.
The meme coin market actually illicit some concern from conventional finance, however DOGE stands out for its general prominence. Moreover, a Dogecoin ETF would result in large strides within the effort to legitimatize the meme coin market. The issuance of the funding car would undoubtedly be a milestone second for the business at giant.
