Valour, a leading issuer of cryptocurrency investment products, has announced the launch of the first-ever exchange-traded product (ETP) for Dogecoin (DOGE), the widely recognized memecoin. The milestone was revealed on November 26 by Valour’s parent company, DeFi Technologies.
The newly introduced Valour DOGE ETP will be listed on Sweden’s Spotlight Stock Market, offering retail and institutional investors regulated access to Dogecoin exposure. According to Valour, the product is designed to simplify investment in the world’s largest memecoin by market capitalization.
“In response to heightened interest in Dogecoin following the recent U.S. presidential election and the growing influence of prominent figures like Elon Musk, we saw a clear opportunity to bring this product to market,” said Johanna Belitz, Valour’s Head of Nordics, in an official statement.
The cryptocurrency market has experienced a surge in activity, particularly in the memecoin sector, which has become one of the fastest-growing areas in 2024. Experts suggest that market enthusiasm was further amplified by expectations surrounding potential policy shifts under Donald Trump’s re-election.
Dogecoin, originally launched in 2013 as a humorous take on Bitcoin, has since evolved into a cryptocurrency with a market cap of approximately $55 billion, according to CoinMarketCap. Operating on its own proof-of-work (PoW) blockchain, DOGE processes transactions more efficiently than Bitcoin but lacks an upper supply limit or support for smart contracts. Beyond its memecoin status, Dogecoin has practical uses for tipping and micropayments.
The launch of the DOGE ETP follows Valour’s previous success with other crypto products, such as its ETP for NEAR Protocol’s native token (NEAR), which debuted earlier this year. DeFi Technologies, Valour’s parent company, currently manages around $600 million in assets across its diverse crypto-focused strategies.
Meanwhile, debates around memecoins remain active in the industry. On November 26, former Binance CEO Changpeng “CZ” Zhao encouraged the crypto community to prioritize the development of functional blockchain applications over speculative memecoins.
In a separate development, legal pressures surrounding Dogecoin eased recently, as plaintiffs withdrew a class-action lawsuit against Elon Musk and Tesla on November 15. The suit had alleged that Musk manipulated DOGE’s price through public statements and social media.
Valour’s latest product launch demonstrates its commitment to catering to evolving investor interests while navigating the dynamic crypto landscape.
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