Originally published on: November 26, 2024
Valour, a leading crypto fund issuer, has made headlines by launching the first-ever exchange-traded product (ETP) for Dogecoin (DOGE), the beloved memecoin. This groundbreaking development was announced by Valour’s parent company, DeFi Technologies, on November 26.
The DOGE ETP will be available for trading on Sweden’s Spotlight Stock Market, providing both retail and institutional investors with a regulated fund wrapper to access the world’s largest memecoin by market cap, as stated by Valour.
Johanna Belitz, Valour’s head of Nordics, highlighted the reasons behind launching the Valour DOGE ETP, noting the surge in demand for Dogecoin following the recent US presidential election results and the support of influential figures like Elon Musk.
With the crypto market experiencing a boom post-Donald Trump’s victory in the US presidential election, industry experts believe that the future looks bright for cryptocurrencies. Coincidentally, memecoins have emerged as one of the fastest-growing sectors in the crypto space in 2024.
Pump.fun, a memecoin platform, has been a notable success story this year, contributing significantly to the rise of the Solana blockchain network. Originally introduced in 2013 as a satirical take on BTC, Dogecoin now boasts a market capitalization of around $55 billion, making it a force to be reckoned with in the crypto world.
Contrary to popular belief, Dogecoin is not just a memecoin but is also used for micropayments and tipping. Operating on its proof-of-work (PoW) blockchain network, Dogecoin offers less computationally intensive transaction verifications compared to Bitcoin and has no limit on its total supply.
In recent news, a class-action lawsuit filed against Elon Musk and Tesla alleging market manipulation of DOGE was withdrawn by plaintiffs on November 15. Additionally, Changpeng Zhao, the former CEO of Binance, has urged the crypto community to focus on developing “real” blockchain applications rather than memecoins.
DeFi Technologies, the parent company of Valour, oversees approximately $600 million in assets through various crypto-native strategies. This move follows Valour’s previous success with launching an ETP for Near Protocol’s native token, NEAR, on Sweden’s Spotlight Stock Market.
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