21Shares is set to launch Dogecoin ETF after receiving approval from the US Securities and Exchange Commission (SEC) and Nasdaq. This is expected to give some impetus to the meme character as DOGE funds are seeing muted interest from institutional investors.
21Shares To Launch Dogecoin ETF After Filing Final Prospectus
Crypto ETF Manufacturer 21 Shares included prospectus for its Dogecoin ETF, showing plans to launch the fund this week. However, the executor is yet to announce a specific start date. This will be the third DOGE fund to launch after Greyscale once Bitwise’s DOGE ETFintroduced last year.
The 21Shares Dogecoin ETF will launch on the Nasdaq under the ticker ‘TDOG.’ Crypto exchange Coinbase it is listed among Trust managers alongside BitGo and Anchorage. At that time, the fund will offer creations and redemptions, similar to other existing crypto ETFs. 21shares will charge a 0.50% fund management fee.
The Dogecoin ETF will be 21Shares’ fifth US crypto ETF, as the asset manager already offers a Bitcoin, Ethereum, Solana, and XRP ETF. The launch of the DOGE fund has the potential of a premium meme coin as it can attract more institutional flows into its ecosystem. However, it is worth noting that another place exists US DOGE currency they have seen moderate demand so far.
SoSoValue data shows that inflows into these Dogecoin ETFs have been minimal, with these funds currently boasting just under $10 million in total assets, which is less than 1% of revenue. meme coin market head. They have also recorded zero flow days since launch, with most days of inflows under $1 million. However, it is worth noting that these funds saw a lot of demand at the beginning of the year, when DOGE rose to around $0.15. Therefore, they can attract more inflows as the market stabilizes.
Generational Shopping Opportunity
Crypto analyst The Hokage is explained the current price level of DOGE as an ongoing buying opportunity during the imminent launch of Dogecoin ETF. This happened as the analyst noted that although the short-term is very difficult to understand, the long-term support will eventually be affected. His accompanying chart showed that the leading meme coin could reach $1.6 in the long term.
A crypto analyst emphasized the possible integration of Dogecoin in Elon Musk’s X as one catalyst that can spark this run. He chose that the meme coin will eventually be integrated with X as a payment and tips feature. The Hokage added that it was only a matter of time and not if.
Related Reading: Dogecoin Poised for Exit: Analyst Shows Big Target for Meme Currency King
At the time of writing, the price of Dogecoin is trading around $0.137, down more than 2% in the last 24 hours, according to the report. data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
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