Dogecoin (DOGE) Sparks $22.3B Major Breakthrough in ETF Shift

• Grayscale is ready to bring out the first real spot Dogecoin ETF.
• Experts believe the action signals a significant change in the regulatory landscape in the U.S.
• The main reason for Dogecoin’s popularity is its memes, but at the same time, it has a huge market cap of $22.3 billion.

Dogecoin (DOGE) has forever been under a weird spotlight. It was a joke that created it, the support of a dedicated crowd that maintained it, and the sheer optimism of wild seasons that pushed it to the forefront of acceptance.

Yet now, the coin does move into a more serious theatre of operations. Nate Geraci, an ETF expert, says that Grayscale will be rolling out the very first conventional spot Dogecoin ETF this coming Monday.

Geraci believes the action shouldn’t be considered just a curiosity. According to him, this introduction is the most prominent indication of the progress U.S. regulators have made.

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Dogecoin ETF Marks New Tide

The SEC, that was formerly protective and frequently unfriendly to the industry, now welcomes a coin that originated from online jokes. In Geraci’s opinion, it marks a huge regulatory change. A door that was previously closed is now being opened.

DOGE is a meme-like cryptocurrency, yet it is not to be taken lightly. It is still positioned as the tenth-largest cryptocurrency today. The market capitalization as per CoinGecko is approximately $22.3 billion. A figure like that has an influence on every graph and even the non-believers have to respect it. A decade of humour and the dog symbol has produced a force that cannot be ignored in the market.

Dogecoin Proposals Fight for Position

The contest in the U.S. for a position of Dogecoin ETF did not begin with Grayscale. The first companies that attempted were REX Financial and Osprey Funds. Their DOJE ticker product debuted on Sept. 18. However, it did not have the purest form of spot exposure, and the market was aware of that. It was much alike, but still not the real one.

For that reason, the significance of Grayscale’s launch cannot be overstated. The launch is a product that promises to offer the investors what they have been longing for, actual, direct exposure to the very coin itself. Not a fraction, Not a wrap. A straightforward reflection of Dogecoin’s price and possession governed by a regulated market’s rules.

Some people will still participate in the competition. Bitwise is working on its own submission. 21Shares has also joined the group by collaborating with the Dogecoin Foundation and House of Doge. Every company perceives the same wave coming up. Everyone is after the advantage of being the first mover.

The tale of Dogecoin has been a fable from the very beginning, improbable, tenacious, and with a lot of unexpected changes in the course of events.

However, it is now a new era for the coin. The humour still exists. The memes are still there. But the market, which was once sceptical, is now starting to regard the coin with a bit more seriousness. And a new ETF on soon might be one reason for this change of attitude.

Also Read: Grayscale Launches Dogecoin and XRP ETFs on NYSE November 24