Dogecoin (DOGE) Creator Breaks Silence on Dogecoin ETF

Cover Image via U.Today

Billy Markus, one of the creators of Dogecoin known as "Shibetoshi Nakamoto," has shared his thoughts on the increasing speculation regarding the SEC's potential approval of a Dogecoin ETF. This discussion has emerged amidst significant developments in the crypto market, including the introduction of the Bitcoin ETF and the pending decision on the Ethereum ETF. As a result, crypto enthusiasts have begun to speculate about which cryptocurrency might be next in line for a similar solution.

Despite Dogecoin's origins as a meme cryptocurrency, it has maintained its relevance for over a decade, with numerous large and small companies worldwide adopting DOGE as a payment method.

a dogecoin etf would be amusing— Shibetoshi Nakamoto (@BillyM2k) May 21, 2024

Market participants' enthusiasm is driven by the fact that Dogecoin is not classified as a security, making it a viable candidate for an ETF. Earlier this year, the Commodity Futures Trading Commission (CFTC) approved Coinbase Derivatives futures on Dogecoin, indicating some regulatory approval.

This approval is perceived as a pivotal moment that could facilitate traditional financial institutions' formal engagement with DOGE.

Is a Dogecoin ETF a Concern?

Dogecoin currently ranks as the eighth largest cryptocurrency, with a market capitalization of $24.25 billion and a daily trading volume of $2.86 billion. The cryptocurrency trades at $0.168, significantly below its all-time high of $0.74, which it reached in May 2021. DOGE to USD by CoinMarketCap

While the prospect of a Dogecoin ETF presents potential benefits such as increased institutional participation and market credibility, it also raises concerns about the growing influence of traditional financial institutions on the crypto market.