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Mastiff Make the headlines again. The reason? Securities and Exchange Commission officially has Recognized Graycale’s deposits for a Dogecoin Exchange Traded Fund (ETF) spot, the Grayscale Dogecoin Trust. This marks the start of the dry examination process, which could potentially bring Dogecoin ETF to the scholarships.
For crypto lovers, this is an important step. The largest asset manager of Crypto supporting the most popular the same point in what point Dogecoin has come – a joke to a potential consumer investment vehicle.
“It is remarkable and a lasting testimony to the power of cryptographic communities,” said Noelle AchesonA Crypto analyst and author of the newsletter “Crypto is macro now”.
She noted in her quartz email that Doge’s success is a reminder that public networks belong to the market, which ultimately determines their success, not an individual team or entity.
Wednesday, Dogecoin oscillated at $ 0.25 per room, marking a 2% increase in the last 24 hours.
What is Dogecoin, and how did he enjoy a crazy success?
Created like a joke by Software engineers Billy Markus and Jackson Palmer in 2013, Dogecoin presents the resemblance of the dog Shiba Inu popularized in the Mème Doge. But since then, Dogecoin has turned into one of the most precious cryptocurrencies in the world.
Doge’s success can be widely attributed to GAMESTOP SAGA When a group of small investors, encouraged by the Reddit community “Wallstreetbets” and helped by a Tweet Elon MuskFlow -up (GME-3.23%) Actions at $ 86.88 in January 2021.
On Reddit, investors later discussed the cryptocurrency equivalent to Gamesop – and the answer was Dogecoin. Just as Gamesop has reached its peak, Dogecoin began to gain ground, culminating in May 2021 at $ 0.74 per room.
When Musk has become a proud “Dogefather”
After the Gamesop saga, another event sent Dogecoin: Elon Musk tweeted “DOGE” in February 2021. The price of DOGECOIN increased spectacularly, and crypto lovers were suddenly interested in Dogecoin.
Later that year, Musk welcomed the NBC (Cmcsa+ 0.48%)) “Saturday Night Live” and called a Dogefather. He continued to promote Dogecoin on various platforms, which led to his inclusion in the first 10 cryptocurrencies by market capitalization.
Musk said once Doge is his favorite cryptocurrency because “he has the best humor and he has dogs”.
In addition, when President Donald Trump was re -elected, he announced that Musk would direct the “Department of Effectiveness of the Government”, or DOGE – effectively a non -governmental group that will consult the expenses. This further solidified Musk’s relationship with Dogecoin.
Will the dry approve an ETF of Dogecoin?
Given the solid support that Dogecoin has received from the community of cryptography and Elon Musk, it is natural to ask: will the dry approve an eTF of Dogecoin?
Barely a few years ago, the idea of the Bitcoin FNB seemed far -fetched. However, after obtaining the approval of the dry in January 2024, FNB Bitcoin have become the most successful in history, even exceeding ETF Gold.
However, the approval of the dry is far from guaranteed. The SEC Commissioner, Hester Peirce, a known defender of cryptography, recently warned investors from the same riskstressing that they are not under the competence of the dry.
In addition, for an ETF to obtain approval, several factors come into play, in particular prices monitoring, market liquidity, anti-management guarantees, etc.
According to Acheson, an ETF of Dogecoin could occur – but not anytime soon. She thinks that the market is not ready and that premature approval could arouse concerns rather than confidence.
For the moment, Acheson finds that the dry recognizes these applications at least and considering some of the most unconventional.
What if the dry approves an ETF of Dogecoin?
Although approval remains uncertain, experts say that a Dogecoin ETF could reshape the investment landscape.
“It would be enormous,” said Acheson when he was asked about the potential approval of a Dogecoin ETF.
If the dry gives DOGECOIN ETF on the green light, it would mark an important financial and cultural step – not only for cryptographic space but also for consumer finance. Such approval could open the way to more community -oriented assets to enter institutional portfolios, to redefine what is considered an investable asset.