- Experts predict a Dogecoin ETF launch by the market cycle’s end.
- Dogecoin’s strong community and cultural impact bolster its market presence.
Two well-known experts in the cryptocurrency industry have predicted the imminent introduction of a Dogecoin Exchange-Traded Fund (ETF).
The possibility of a Dogecoin ETF was covered on a recent Coin Bureau podcast by BitMEX co-founder Arthur Hayes and CEO and co-founder of Real Vision Raoul Pal. As meme coins are gaining popularity, the two experts offered their thoughts.
Dogecoin ETF Is Coming
Asked which meme coins he was following, Hayes said Dogecoin might get an ETF before the market cycle ends. He made his forecast using the significant annual growth rate of the meme coin with a dog motif.
Given that Dogecoin is the oldest meme coin in the cryptocurrency world, Hayes pointed out that it has an advantage over other meme-based cryptocurrencies.
The significant market value of dogecoin, which has reached an astounding $19.7 billion, was another contributing element to Hayes’ forecast. Dogecoin is now, by market capitalization, the biggest meme-based cryptocurrency in the world, according to CoinMarketCap.
Moreover, the price of DOGE at the moment of writing is roughly $0.1352, down 0.32% in the previous day and 7.32% in the previous seven days.
Hayes also pointed out the cultural influence of Dogecoin on the cryptocurrency and investment industries in general.
Millions of investors and fans of the well-known meme coin are spread around the globe. For Dogecoin, these cultural presence and community support are major advantages.
Pal’s Advocacy and Market Impact
Like Hayes, Pal thought there might be a Dogecoin ETF by the conclusion of the market cycle. Pal said he is a fervent supporter of a Dogecoin ETF and has spoken with Jan van Eck, CEO of VanEck, an investment management company and producer of Spot Bitcoin ETFs.
The CEO of Real Vision praised Dogecoin for outperforming Bitcoin in every bull cycle when asked if a possible Dogecoin ETF may affect the demand for Spot Ethereum ETFs. With this success, it confirms its place as a significant participant in the cryptocurrency market.
Highlighting his active role behind the scenes, Pal also revealed his attempts to get VanEck’s CEO to apply for a Dogecoin ETF.
On the other hand, Kraken Pro published the DOGE/GBP and DOGE/AUD pairs in an effort to improve Dogecoin trading worldwide, as ETHNews reported.