Originally published on: November 26, 2024
Valour, a leading crypto fund issuer, has made headlines by launching the very first exchange-traded product (ETP) for Dogecoin (DOGE). This move, announced by Valour’s parent company, DeFi Technologies on Nov. 26, paves the way for retail and institutional investors to easily access the famed memecoin through a regulated fund wrapper on Sweden’s Spotlight Stock Market.
Driven by the recent surge in interest in Dogecoin following the US presidential election results and the influence of figures like Elon Musk, Valour’s DOGE ETP provides a convenient avenue for investors to seize opportunities in the world’s largest memecoin by market cap.
The cryptocurrency market, buoyed by Donald Trump’s victory in the US election, has seen a remarkable rise in memecoin adoption. Memecoins, including Dogecoin, have emerged as one of the most rapidly growing sectors in the crypto space, with platforms like Pump.fun and the Solana blockchain network gaining significant traction.
Originally created as a joke in 2013, Dogecoin has now evolved into a valuable asset with a total market capitalization exceeding $55 billion. Unlike Bitcoin, Dogecoin operates on its own proof-of-work blockchain network, offering faster and less complex transaction verifications with no fixed supply limit. While Dogecoin is known for its meme origins, it serves practical purposes such as micropayments and tipping.
In recent developments, a class-action lawsuit against Elon Musk and Tesla for alleged market manipulation of Dogecoin has been withdrawn, highlighting the challenges and controversies surrounding memecoins in the crypto space. Changpeng Zhao, the former CEO of Binance, has also urged the community to focus on building real blockchain applications rather than meme-based projects.
With DeFi Technologies managing assets worth around $600 million and a track record of successful crypto-native strategies, Valour’s DOGE ETP marks another milestone in the evolving landscape of cryptocurrency investments. Stay updated on the latest trends in blockchain and crypto by subscribing to our Crypto Biz newsletter for valuable insights and market updates every Thursday.