If someone still doubted that Dogecoin is more than just an online joke, then he just got a strong argument. Rex-WoSrey Doge ETF POD TICKER Doe He officially debuted on the American market on Thursday, September 18, becoming the first spot ETF tracking the largest memecoin in the world of Web3! What does this mean for the Altcoin market? First of all, a reason to celebrate!
When memecoins meet Wall Street
Rex Shares and Osprey Funds (two companies that specialize in crypto-exposure products) decided to join forces and give investors something that could only be dreaming a year ago. Naje will invest directly in Dogecoin, but also has the ability to diversify by other crypto-eTFs and derivative instruments.
The fund was registered under the Investment Company Act from 1940 – the same federal law, which regulates investment funds. This is the same legal structure that they used earlier at Rex Osprey Sol Staking ETF in June. A clever bypass, you have to admit.
Reminder – what exactly is this Dogecoin?
Before we get to the point, a quick reminder for those who recently lived under the stone. Dogecoin was born in 2013 as a joke of two programmers (Billy Markus and Jackson Palmer), who decided to create a “funny” cryptocurrency based on a popular meme with a Shiba Inu dog.
What was supposed to be a parody of Bitcoin grew to market capitalization exceeding tens of billion USD. Doge has an infinite supply (which makes it inflationary) and … well, an army of fanatical supporters, with Elon Musk at the forefront. It is not without reason that he is called the “currency of people” – his community is legendary in its loyalty and activity.
Numbers do not lie (or at least not always)
Bloomberg’s expert Eric Balkunas, known for its accurate market forecasts, put Over/Under on USD 2.5 million volume on the first day. As he notes, “decent opening, but nothing spectacular.” Reason? Naje uses the legal structure of 40 ACT instead of 33 ACT, which may slightly cool the enthusiasm of investors compared to other “first” in the crypto world.
The competition is not sleeping
It is worth noting that REX and OSPREY are not the only ones who feel like a piece of dogcoin cake. Grayscale and Bitweise also submitted applications for ETFs to Doge, but they chose another legal path – Securities Act from 1933. And so that it would not be boring, the same companies also released XRP ETF (XRPR) on the same day. When they get started, it’s properly.
Voice from the front line
Greg King, CEO Rex Financial, did not hide his enthusiasm:
We are incredibly excited about the possibility of introducing the first spotted ETFs Dogecoin and XRP to the American market.
It is hardly surprising – being the first has its advantages, especially in such a dynamic sector. But Marco Margiotta from House of Doge inflicted a real blow (Corporate Non-Profit Dogecoin Foundation):
The approval of the first American ETF Dogecoin is not only a milestone on the market, it is a confirmation of everything that the Dogecoin Foundation has been in favor of for years-that Dogecoin is more than a meme, it is a global currency.
Revolution in regulations
Timing of this debut is not accidental. SEC has recently approved the standards of quotations for crypto-eTFs, which will significantly speed up the process of approving subsequent proposals.
- Before: Up to 240 days to review the application
- Now: Even only 75 days
This means that it and XRPR is just the beginning of an avalanche of crypto-eTFs that can flood the American market in the coming months.
What does this mean for the Altcoin market?
Nasdaq does not hide his satisfaction. Giang Bui, Vice President for American Actions and the ETP, emphasizes the meaning “standardized legal framework for crypto-eTFs “and the stock exchange obligation to” connect digital and traditional markets“. Translating to human, Wall Street officially opens the door for cryptocurrencies, and memecoins get a place in the first place.
Summary for the impatient
The first spot ETF on Dogecoin is a fact. He can be traded. Regulations are liberalized. Competition is preparing its own products. Does this mean that Dogecoin intends to start “to the moon”? Time will tell, but Memecoin, who began as a joke about the dog inu inu, just got a pass to the most prestigious financial club of the world.
Sounds like a good twist in the history of cryptocurrencies;)
