Crypto fund issuer Valour has launched the first exchange-traded product (ETP) for Dogecoin (DOGE), the famed memecoin, according to a November 26 announcement from Valour's parent company, DeFi Technologies.
The ETP will trade on Sweden's Spotlight Stock Market, enabling retail and institutional investors to gain exposure to the world's largest memecoin by market cap in a regulated fund wrapper, Valour said.
The asset manager launched Valour DOGE ETP "[i]n light of the recent [United States] presidential election results and the subsequent surge in demand for Dogecoin [...] bolstered by influential figures like Elon Musk," Johanna Belitz, Valour's head of Nordics, said in a statement.
Source: Dogecoin
Related: QED, Nexus aim to bring smart contracts to Dogecoin
The crypto market surged following Donald Trump's victory in the US presidential election, as many believe his win will benefit the industry, Cointelegraph Research said.
Meanwhile, the memecoin market became one of the fastest-growing sectors in the crypto space in 2024.
Memecoin platform Pump.fun is one of this year's runaway success stories, playing a major role in the ascent of the Solana (SOL) blockchain network.
Initially launched in 2013 as a satirical commentary on BTC, DOGE now commands a total market capitalization of some $55 billion, according to CoinMarketCap.
Dogecoin operates on its own proof-of-work (PoW) blockchain network similar to Bitcoin's but with less computationally intensive transaction verifications and no upper limit on total Dogecoin supply. Dogecoin does not support smart contracts.
It is widely considered the first memecoin but is also used for micropayments and tipping.
Source: CoinMarketCap
On November 15, plaintiffs withdrew a 2022 class-action lawsuit filed against Elon Musk and Tesla alleging that the businessman manipulated the price of DOGE through media appearances and social media posts.
On November 26, the former CEO of Binance, Changpeng "CZ" Zhao, urged the crypto community to shift its focus away from memecoins and into building "real" blockchain applications.
Valour's parent company, DeFi Technologies, manages approximately $600 million in assets across a variety of crypto-native strategies.
On July 17, Valour launched an ETP for Near Protocol's native token, NEAR. It also trades on Sweden's Spotlight Stock Market.
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