The very first Dogecoin Exchange Traded Product (ETP) was officially launched, generating enthusiasm for a possible DOGE price rise. Combined with several other bullish factors that have fueled DOGE’s recent price surge, this new ETP positions the top coin for a potential 100% surge to new highs.
Valor Launches First Dogecoin ETP
Valor Inc.., a DeFi technology subsidiary, has listed a Dogecoin ETP on the Swedish Spotlight stock market. This development marks the world’s first Dogecoin ETP available in Northern Europe, specifically in the Nordic countries.
According to a Press release released by Valour, the new Dogecoin ETP will effectively expand the DeFi company’s product offerings and audience reach. Currently, Valor provides access to various Digital Asset ETPsincluding Bitcoin, Ethereum and many of the major cryptocurrencies.
The company has approximately 40 ETPs on the stock market and total assets under management (AUM) of $609 million. With the new Dogecoin ETP, Valor can expand its services to new markets and investors, and DOGE is poised to see even greater adoption.
Valor revealed that the recently launched Dogecoin ETP will provide investors with smoother access to the popular coin, exposing them to its market performance without the risk and intricacies of direct crypto ownership.
Head of Product at Valour, Elaine Buehler, shed light on the new development, revealing that the launch of the world’s first Dogecoin ETP marks a significant milestone that aligns with the company’s mission to democratize access to digital assets. Additionally, she expressed excitement at being able to launch a product that “captures the essence” of DOGE’s vibrant community and market presence.
Can the new ETP generate a 100% DOGE price rally?
As of this writing, Dogecoin is trading at $0.39, according to CoinMarketCap. Despite new tests and the inability to exceed $0.4 resistance levelDOGE price has seen its fair share of impressive gains since the beginning of the month.
These price increases were primarily driven by general market sentiment and bullish factors, such as the conclusion of the US presidential elections, SpaceX and Tesla CEO Elon Musk.
With the introduction of a Dogecoin ETP, which could serve as another significant bullish catalyst, the DOGE price could see a massive 100% rally, representing a rise to $0.78. Many analysts have already projected that DOGE could reach the $1 mark before the end of the year, possibly positioning it as one of the best performing assets in this bull market.
Alongside the bullish sentiment that the new Dogecoin ETP is expected to generate, Johanna Belitz, head of Nordics at Valour, pointed out that the results of the US elections and Musk’s influence have actually increased the popularity and demand for DOGE.
Since increased demand and reduced supply often lead to price increases, DOGE could experience new upward momentum whether positive sentiment surrounding the new Dogecoin ETP fuels a rally.
Featured image created with Dall.E, chart from Tradingview.com