As a seasoned researcher with over two decades of experience in both traditional finance and cryptocurrencies, I find myself intrigued by the potential for Dogecoin (DOGE) to follow in the footsteps of Bitcoin and Ethereum with its own ETF in 2025. Having witnessed the meteoric rise of meme-based assets like GameStop and AMC stocks earlier this year, I can’t help but feel a sense of deja vu.
2024 saw Bitcoin and Ethereum ETFs proving to be groundbreaking for both the crypto and traditional finance sectors. With President-elect Donald Trump’s pro-crypto stance, there is mounting anticipation about whether Dogecoin (DOGE), the cryptocurrency born from internet memes, could potentially launch its own ETF in 2025.
The President-elect, Trump, has pledged to transform the United States into a global leader in Bitcoin usage, and his administration appears to be embracing cryptocurrencies. Interestingly, he established the Department of Government Efficiency (DOGE), headed by Elon Musk, who is known for his enthusiasm towards Dogecoin – a digital currency that originated as a meme.
Under the new government, Nate Geraci, President of ETF Store, envisions opportunities. His expectation is that the administration will swiftly decide which cryptocurrencies are considered securities and which aren’t. Once this framework is established, the path for further approval of spot Bitcoin/Crypto Exchange-Traded Funds (ETFs) should become more straightforward.
Although fund managers are eagerly trying to seize the opportunity presented by this momentum – Cboe BZX has proposed four Solana ETFs, potentially receiving approval by mid-2025 – the future of a Dogecoin ETF remains uncertain.
A cryptocurrency expert from All-Star Charts predicts that it’s highly probable we will trade a Solana ETF during the first half of 2025. As for Dogecoin, it seems less likely… Let me put it this way: Wall Street tends to favor assets that weren’t initially conceived as internet memes.
As a crypto enthusiast, I find myself continually amazed by the journey of Dogecoin. Originally conceived as a joke, it has now solidified its position as the sixth-largest digital currency in the market. Currently, each Dogecoin is trading at around $0.40, with an impressive market cap of $59 billion.
Eric Balchunis, a senior ETF analyst at Bloomberg, posits that ideas considered as satire today could potentially become tomorrow’s Exchange-Traded Fund (ETF). Since innovation often arises from the question “why not?”, someone might attempt it. Nonetheless, Dogecoin encounters challenges in demonstrating fair market dynamics given its highly concentrated ownership structure.
As Gary Gensler steps down as SEC Chair in early 2025, the cryptocurrency sector might experience a more welcoming regulatory climate. Chris Giancarlo, a strong contender for the newly suggested “Crypto Leader” position due to his past role as CFTC Chair, could significantly influence the development of this terrain.
Under Trump’s administration, it seems that the era of financial products focused on cryptocurrencies, such as Dogecoin ETFs, is taking off and gaining momentum.
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2024-11-30 15:34