Nasdaq takes a bold step by launching a Dogecoin Fund, marking a milestone for a meme-based cryptocurrency. Pending SEC approval, this move could pave the way for institutional investors to embrace meme coins. Explore how Dogecoin is reshaping the crypto market and catching the eye of major financial exchanges.
The cryptocurrency market is abuzz with the imminent arrival of a Dogecoin fund on the Nasdaq, the famous American stock exchange. With Dogecoin’s price recently surging by 20%, this announcement signals a strong interest from institutional investors in memecoins.
Launched in 2013 as a “fun” virtual currency, Dogecoin has unexpectedly gained momentum in recent years. Fueled by the popularity of the Internet and social networks, this token has gained legitimacy, now attracting major financial institutions.
According to reports, the Nasdaq is working with regulators to set up a publicly traded fund that would track Dogecoin’s price movements. This unprecedented initiative will need to meet various requirements in terms of transparency and security to obtain the necessary approvals.
For both retail and institutional investors, this Dogecoin Fund represents a new way to get exposure to the most popular cryptocurrencies among the general public. Beyond technical fundamentals, the “meme effect” is now a significant factor in valuing certain cryptocurrencies. As indicated by Mario Nawfal, there is a 59% chance of a DOGE ETF being approved this year according to Polymarket.
The remarkable success of Dogecoin illustrates the rise of “memecoins” in the cryptocurrency market. These assets, often born as jokes, are now managing to compete against historical cryptocurrencies like Bitcoin or Ethereum.
This trend challenges traditional cryptocurrency valuation models. It urges investors to consider new parameters, such as community engagement or virality on social networks, to identify the next market “winners.”
By launching this Dogecoin Fund, Nasdaq aims to assert its role as a pioneering marketplace in the rapidly expanding cryptocurrency universe. This initiative could pave the way for new investment opportunities around “memecoins” for investors.
The upcoming arrival of a Dogecoin Fund on Nasdaq marks a significant turning point in the institutional adoption of so-called “meme” cryptocurrencies. Beyond speculation, it demonstrates the growing influence of these assets in the crypto ecosystem. Investors will need to navigate this new era, where trends and the “meme effect” play as crucial a role as fundamentals.
Trader Alan suggests that DOGE is following a rare “diamond” pattern and could continue its uptrend soon.
If you want to buy Dogecoin (DOGE), the memecoin is available on Bitget. Here are the key steps to purchase it easily:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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