The director of marketing at blockchain analytics firm Santiment, Brian Quinlivan, says that one catalyst could send Dogecoin (DOGE) soaring.
In a new blog post, Quinlivan says that the launch of the first-ever exchange-traded fund (ETF) for Dogecoin may spark explosive rallies for the memecoin and potentially attract institutional investors.
[adinserter block="1"]“A brand new exchange-traded fund (ETF) focused on Dogecoin could launch as early as this week. Called the Rex-Osprey DOGE ETF and trading under the ticker $DOJE, it would give investors in the US a way to directly invest in the price of Dogecoin without owning the coin itself. This would be the first Dogecoin ETF in the US, and it’s generating a lot of excitement from both crypto fans and traditional investors.”
He also says that an ETF for DOGE may open up the door for other memecoin ETFs, setting them up for massive breakouts.
“Overall, the excitement around the $DOJE ETF highlights how memecoins are evolving from internet jokes into serious financial products. With more investors gaining access through traditional markets, and with the chance of institutional involvement and whale accumulation, Dogecoin could enjoy an impressive rally.”
DOGE is trading for $0.23 at time of writing, down marginally at time of writing.
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