- Valour launched the first Dogecoin ETP in the Nordics with 1.9% fee, reflecting growing demand for Dogecoin investments.
- The ETP demonstrates institutional interest in digital assets, following the success of Bitcoin and Ethereum ETFs.
- Dogecoin’s popularity as a memecoin continues to grow, with increasing institutional support and community-driven usage.
Valour, a DeFi Technologies subsidiary, launched the first Dogecoin (DOGE) exchange-traded product (ETP) in the Nordics on November 26. This innovative fund allows investors to invest in digital assets and provides a convenient way to enter the cryptocurrency market. Its 1.9% management fee reflects the increasing demand for Dogecoin investments.
Head of Nordics at Valour Johanna Belitz highlighted the importance of this launch. She noted that increasing interest in Dogecoin, fueled by figures like Elon Musk, aligns with Valour’s mission to provide high-demand digital assets. The launch of the ETP demonstrates Valour’s commitment to providing diversified and inventive financial products that are suitable for the demands of current investors. Additionally, she said,
“The growing popularity of Dogecoin, bolstered by influential figures like Elon Musk, highlights our commitment to delivering innovative and diversified investment opportunities in the Nordics.”
Dogecoin ETP Reflects Growing Institutional Interest
The Dogecoin ETP highlights the growing institutional interest in digital assets. Following the launches of Bitcoin and Ethereum ETFs in the US, global financial institutions have expanded their offerings to include other cryptocurrencies like Solana and XRP. Digital assets are becoming more widely accepted in traditional markets, which makes them accessible to regular investors.
Dogecoin ETP has gained traction among institutional investors. Blockchain Capital’s purchase of Dogecoin Holdings shows efforts to create new financial solutions that increase the meme coin’s utility. Such moves highlight Dogecoin’s potential beyond its origins as cryptocurrency, cementing its role in the evolving digital asset landscape.
Although Dogecoin’s price recently dropped by 3.10% to $0.3909 in the past 24 hours, it has remained strongly driven by massive supporters, including Elon Musk. What makes it stand out is the amusing nature of its founding and its use as a micropayment and tipping currency. Digging deeper into CoinMarketCap statistics, the total market cap of all Dogecoin’s coins issued is around $57.42 billion.
Memecoins Surge as Dogecoin’s Popularity Grows
With the fast-growing popularity of Dogecoin ETP, memecoin is rapidly evolving into one of the fastest segments of the cryptocurrency space. There have been some new growth drivers within this space, for instance, Pump.fun which utilizes the Solana blockchain. Dogecoin is a cryptocurrency that very quickly started its ascent – it was developed in mid-2013 as a mockup for Bitcoin.
Dogecoin features less computationally intensive transaction verifications on a proof-of-work blockchain than Bitcoin and an unlimited supply. While it lacks smart contract capabilities, it is widely used for payments and tips. Because of its versatility and the ongoing desire in lighter, community-driven cryptocurrencies, it has maintained its popularity over time.
On November 15, plaintiffs withdrew a class-action lawsuit against Elon Musk, alleging price manipulation of Dogecoin. This development underscores the ongoing scrutiny of high-profile figures in crypto. Meanwhile, Binance’s former CEO Changpeng Zhao recently urged the crypto community to focus on building blockchain applications rather than promoting memecoins.
With its parent company DeFi Technologies possessing $600mln assets and further expanding their horizons within the domain of digital finance. Valour made its commitment to provide a wider range of products even more evident in July when the company launched an ETP designed for Near Protocol’s token. The listing of the ETP of Dogecoin was the next step Valor took in implementing the strategy aimed at increasing the ability to invest in cryptocurrency assets.
Related Reading: Dogecoin Hits New Highs, Eyes $0.65 as Whale Activity Soars
