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Dogecoin (DOGE) Creator Breaks Silence on Dogecoin ETF

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Wed, 22/05/2024 - 12:00
Dogecoin (DOGE) Creator Breaks Silence on Dogecoin ETF
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Billy Markus, one of the creators of Dogecoin known as "Shibetoshi Nakamoto," has given his opinion on the growing speculation over the SEC's possible approval of a Dogecoin ETF. Such talk comes amid significant developments on the crypto market, including the emergence of the Bitcoin ETF and the pending decision on the Ethereum ETF. Thus, crypto enthusiasts have started wondering who might be next in line to get their own similar solution.

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Although Dogecoin originated as a meme cryptocurrency, its use has continued for over a decade, with many large and small companies around the world adopting DOGE as a means of payment.

The enthusiasm of market participants is fueled by the fact that Dogecoin is not classified as a security, making it a promising candidate for an ETF. For instance, earlier this year, the Commodity Futures Trading Commission (CFTC) approved Coinbase Derivatives futures on Dogecoin, indicating some approval from the regulator. 

This approval is seen as a turning point that could pave the way for traditional financial institutions to engage more formally with DOGE.

Is Dogecoin ETF a concern?

Dogecoin is currently the eighth largest cryptocurrency, with a market capitalization of $24.25 billion and a daily trading volume of $2.86 billion. The cryptocurrency is trading at $0.168, well below its all-time high of $0.74 reached in May 2021.

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DOGE to USD by CoinMarketCap

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On the other hand, while the possibility of creating a Dogecoin ETF offers obvious benefits such as greater institutional participation and market legitimacy, it also raises concerns about the growing influence of traditional financial institutions on the crypto market. 

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