Valour, a subsidiary of fintech company DeFi Technologies (DEFTF)launched the first Dogecoin on the market (DOGE-USD) exchange-traded product (ETP), which will be traded on the Swedish Spotlight Stock Market. This innovation allows investors to trade the popular coin like a stock, as global interest in Dogecoin continues to be driven by Elon Musk. DOGE prices are rising today, suggesting that the market is reacting positively to the launch of the new Dogecoin ETP.
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What is happening with Dogecoin today?
Dogecoin prices fell in recent days but started to rise again today. This new momentum is likely due, at least in part, to the new ETP, which will make DOGE accessible to new investors who may not have considered purchasing the meme coin before. Despite the recent decline, Dogecoin has risen significantly over the past three monthsup 290%, as Elon Musk’s influence continues to generate interest.
Dogecoin benefited significantly from Donald Trump’s decision to put Musk in charge of the new Department of Government Effectiveness (DOGE), which kept the crypto symbol prominently on the national stage. Additionally, Musk recently proposed a “Dogecoin fix” for what he perceives as crisis spending in the United States (TSLA) The CEO has been a staunch crypto advocate for years. With its growing political influence, more investors are likely viewing it as a valuable investment vehicle.
The launch of the Dogecoin ETP is noteworthy, as it provides investors with a new incentive to purchase DOGE. Since an ETP can be traded like a stock, it may appeal to traders who are wary of cryptocurrency exchanges such as Coinbase. (COIN). With interest in Dogecoin growing, now seems like the perfect time for a new way to gain exposure, especially for investors outside of the United States.
Is it time to buy Dogecoin?
Since no Wall Street analysts follow Dogecoin, it is difficult to properly assess the rating it deserves based on expert opinions. That said, the TipRanks technical analysis tool suggests a buy signal on a 1-day time frame, based on overall bullish sentiment.
