Billy Markus, the creator of Dogecoin, who is also known as “Shibetoshi Nakamoto,” has finally broken his silence on the speculation surrounding the approval of a Dogecoin ETF by the SEC. This development comes at a time when the crypto market is witnessing significant advancements, such as the introduction of a Bitcoin ETF and the pending decision on an Ethereum ETF. As a result, the crypto community is eager to know if Dogecoin will be the next cryptocurrency to receive a similar investment vehicle.
Despite its origins as a meme cryptocurrency, Dogecoin has gained widespread adoption over the past decade, with numerous companies worldwide accepting DOGE as a form of payment. This fact, combined with Dogecoin not being classified as a security, has fueled the enthusiasm for a Dogecoin ETF. In a recent tweet, Shibetoshi Nakamoto expressed his amusement at the idea of a Dogecoin ETF, further stoking the excitement surrounding this possibility.
The approval of Coinbase Derivatives futures on Dogecoin by the Commodity Futures Trading Commission earlier this year is seen as a significant milestone. It indicates some level of regulatory approval and could open the doors for traditional financial institutions to engage more formally with Dogecoin.
Currently, Dogecoin stands as the eighth largest cryptocurrency, boasting a market capitalization of $24.25 billion and a daily trading volume of $2.86 billion. However, its current trading price of $0.168 remains significantly below its all-time high of $0.74, which was reached in May 2021.
While the creation of a Dogecoin ETF brings obvious advantages such as increased institutional participation and market legitimacy, it also raises concerns about the growing influence of traditional financial institutions on the crypto market. As the crypto landscape continues to evolve, it remains to be seen how such developments will shape the future of Dogecoin and the broader cryptocurrency industry.