Grayscale’s Dogecoin ETF is set to start trading today, marking a positive for the DOGE price. Crypto analyst BareNakedCrypto has explained why this could be the catalyst that sends the foremost meme to a new all-time high (ATH) of $10.
Grayscale Confirms Dogecoin ETF Launch
In an X post, Grayscale confirmed that its Dogecoin ETF will launch on the NYSE Arca today. The fund will offer institutional investors direct exposure to the foremost meme coin. Bitcoinist had earlier reported that the NYSE Arca had certified the DOGE ETF for listing and registration, the final step before the fund’s launch.
Grayscale’s Dogecoin ETF will be the first to launch under the ‘33 Act. It will also be the first fund to offer institutional investors 100% spot exposure to DOGE. Bitwise and 21Shares are the other asset managers that filed for a DOGE ETF under the ‘33 Act. Bitwise is also expected to launch its fund this week after earlier filing an updated prospectus to remove the delaying amendment.
In an X post, market expert Nate Geraci described the Grayscale Dogecoin ETF launch as being a “highly symbolic launch.” He opined that this is the best example of the monumental crypto regulatory shift over the past year. He added that the DOGE fund’s ticker, GDOG, might already be in his top 10 ticker list.
Another ETF expert, Mike Akins, had questioned whether it wouldn’t have been better to serve the DOGE fund as a non-regulated instrument. He opined that the ETF wrapper may be giving credibility where it is not warranted.
However, Geraci suggested that this was a free market and that institutional investors should be able to decide what they want to invest in. He reiterated that his major point is the regulatory progress made on crypto over the past year, which he described as a “huge” positive for the industry.
Catalyst For DOGE Price Rally To $10
Ahead of the Grayscale Dogecoin ETF launch, crypto analyst BareNakedCrypto declared in an X post that this would spark a DOGE price rally to over $10. He noted how this fund would open institutional interest in the meme coin’s ecosystem. The fund could draw new capital into Dogecoin, sparking a potential price surge.
BareNakedCrypto also mentioned that, with the Grayscale Dogecoin ETF, DOGE will no longer be burdened by lawsuits, threats, or lack of clarity. He added that the DOGE fund is the next ETF with over 100 billion tokens after XRP. The DOGE ETF is the seventh crypto fund to launch after the Bitcoin, Ethereum, Solana, Hedera, Litecoin, and XRP ETFs.
At the time of writing, the Dogecoin price is trading at around $0.14, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
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