Originally published on: November 26, 2024
Valour, a leading crypto fund issuer, has made waves by launching the very first exchange-traded product (ETP) for Dogecoin (DOGE), the renowned memecoin. This exciting development was announced by Valour’s parent company, DeFi Technologies, on Nov. 26.
Investors can now access the world’s largest memecoin by market cap through this regulated fund wrapper, which will trade on Sweden’s Spotlight Stock Market. Valour’s decision to launch the DOGE ETP was influenced by the surge in demand for Dogecoin post the US presidential election results and the growing support from influential figures like Elon Musk, explained Johanna Belitz, Valour’s head of Nordics.
According to Cointelegraph Research, the crypto market experienced a significant uptick following Donald Trump’s victory in the 2020 US presidential election. Simultaneously, the memecoin arena emerged as one of the fastest-growing sectors in the crypto space by 2024.
Amidst this growth, Pump.fun, a memecoin platform, has emerged as a success story, contributing to the rise of the Solana blockchain network. Dogecoin, initially intended as a satirical take on Bitcoin in 2013, now boasts a market capitalization of approximately $55 billion, showcasing its remarkable evolution in the crypto sphere.
Unlike Bitcoin, Dogecoin functions on its proof-of-work blockchain network, offering less computationally intensive transaction verifications and no cap on total supply. While it is known as the first memecoin, Dogecoin is also utilized for micropayments and tipping.
In a recent development, plaintiffs withdrew a 2022 class-action lawsuit against Elon Musk and Tesla, alleging price manipulation of DOGE. Additionally, former Binance CEO Changpeng Zhao urged the crypto community to shift its focus to building genuine blockchain applications rather than memecoins.
DeFi Technologies, Valour’s parent company, oversees around $600 million in assets across various crypto-native strategies. Earlier, Valour introduced an ETP for NEAR Protocol’s native token, NEAR, which also trades on the Spotlight Stock Market in Sweden.
With the introduction of the DOGE ETP, Valour is paving the way for retail and institutional investors to engage with the exciting world of Dogecoin, offering a unique avenue to capitalize on the memecoin’s popularity and potential growth. Subscribe to our Crypto Biz newsletter for weekly insights into blockchain and crypto business trends.
