Summary
- Reports that Dogecoin (DOGE) price rose 5.17% due to expectations of an ETF launch.
- The ETF, named DOJE, is the first-ever meme coin-based ETF and is to be listed on the New York Stock Exchange.
- The ETF's launch is expected to bring billions of dollars of inflows.
Dogecoin (DOGE) prices are rising sharply amid expectations of an exchange-traded fund (ETF) launch. Observers predict that billions of dollars could flow in if an ETF is launched.
According to crypto market aggregator CoinMarketCap, as of 7:41 PM that day Dogecoin was trading at $0.279, up 5.17% from the previous day. It is up 11.22% compared with a week earlier.
The price increase is due to expectations for an ETF launch. The Dogecoin-based ETF 'DOJE' from asset managers Rex Shares and Osprey Funds will be listed on the New York Stock Exchange that day (local time). DOJE is the first-ever meme coin-based ETF. Rex Shares described DOJE as "a product that provides spot investment exposure to Dogecoin."
If the ETF is launched, there is a high possibility of large institutional inflows. Crypto asset analyst Bitcoinsensus said, "This week is a huge week for Dogecoin," adding, "(With the ETF launch) new capital could flow into Dogecoin in large amounts, like with Bitcoin and Ethereum." Cointelegraph reported, "DOJE will move Dogecoin into a maturation phase," and said, "It could trigger billions of dollars of inflows, similar to the launches of the Bitcoin spot ETF and the Ethereum spot ETF."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
