Originally published on: November 26, 2024
Valour, a cryptocurrency fund issuer, has made waves in the digital currency world by launching the very first exchange-traded product (ETP) for Dogecoin (DOGE), the beloved memecoin. This groundbreaking announcement came from Valour’s parent company, DeFi Technologies, on November 26.
Investors of all kinds, from retail to institutional, can now access the world’s top memecoin through this ETP, which will be available on Sweden’s Spotlight Stock Market. The move comes as a response to the surging demand for Dogecoin, triggered by notable events like the recent US presidential election and endorsements from influential figures like Elon Musk.
Since Donald Trump’s victory in the presidential race, the crypto market has been on a steady rise, with many expecting the industry to benefit from this political shift, as reported by Cointelegraph Research. Notably, the memecoin sector has emerged as one of the fastest-growing segments within the crypto space in 2024.
In the realm of memecoins, Pump.fun has been a standout success story this year, contributing significantly to the rise of the Solana blockchain network. Initially conceived as a spoof on Bitcoin in 2013, Dogecoin now boasts a market capitalization of around $55 billion, according to CoinMarketCap.
Operating on a proof-of-work blockchain network akin to Bitcoin’s, Dogecoin offers less computationally intensive transaction verification and no cap on its total supply. While primarily known as a memecoin, Dogecoin is also used for micropayments and tipping.
In recent developments, a class-action lawsuit against Elon Musk and Tesla concerning alleged price manipulation of DOGE was withdrawn by the plaintiffs on November 15. On November 26, Changpeng “CZ” Zhao, the former CEO of Binance, urged the crypto community to shift its focus from memecoins to developing practical blockchain applications.
DeFi Technologies, the parent company of Valour, oversees approximately $600 million in assets across a range of crypto-native strategies. Valour previously launched an ETP for NEAR Protocol’s native token, NEAR, which also trades on Sweden’s Spotlight Stock Market.
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