Investing.com — Bitwise, a cryptocurrency asset supervisor, has not too long ago submitted an software to the Delaware’s Division of State: Division of Firms, looking for to register a Dogecoin-based exchange-traded fund (ETF).
Dogecoin, a digital forex widely known because the foremost memecoin, boasts a market capitalization near $52 billion. Memecoins have been gaining elevated consideration of late, following the profitable introduction and subsequent surge of the Official Trump memecoin, launched by former President Donald Trump, which has seen an increase of over 1056% since its launch final Friday.
Billionaire entrepreneur Elon Musk is a well known advocate of Dogecoin. He has even chosen to call the brand new Division of Authorities Effectivity (DOGE), which he oversees, after the favored memecoin.
The appliance by Bitwise for the Dogecoin ETF is the newest growth within the rising interplay between conventional finance and cryptocurrency markets. Nonetheless, it must be famous that the submitting is simply step one in a doubtlessly prolonged regulatory course of, and the approval of a Dogecoin ETF will not be assured.
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