Dogecoin ETF? Here's What DOGE Creator Really Thinks

Cover image via U.Today

Billy Markus, co-founder of Dogecoin (DOGE), recently commented on speculation surrounding the potential approval of a Dogecoin ETF by the SEC. This speculation has intensified following the greenlighting of Bitcoin and Ethereum ETFs, sparking discussions about which cryptocurrency could be next in line.

Markus, however, appears to dismiss these rumors, expressing his skepticism about their likelihood. Despite its initial classification as a meme coin, DOGE has gained significant traction over the past decade. Its widespread acceptance as a payment method by various businesses has solidified its market presence.

Dogecoin's designation as a non-security positions it favorably for an ETF. Earlier this year, the CFTC approved Coinbase futures on Dogecoin. This regulatory endorsement is viewed as a crucial step that could pave the way for greater involvement from traditional financial institutions.

if dogecoin gets a spot etf my entire reaction will be “lol” — Shibetoshi Nakamoto (@BillyM2k) May 23, 2024

Currently, Dogecoin holds the distinction of being the largest meme cryptocurrency, boasting a market capitalization of $22.88 billion and a daily trading volume of $3 billion. It is currently valued at $0.158, a notable decline from its peak of $0.74 in May 2021.

The prospect of a Dogecoin ETF presents both potential advantages and concerns. On the one hand, it could attract increased institutional participation and provide market validation. On the other hand, it raises concerns about the growing influence of traditional finance entities on the cryptocurrency landscape.