Latest U.S. Securities and Exchange Commission’s (SEC) filings show that 21Shares, a Swiss crypto exchange-traded product provider. Based in Zürich, Switzerland, the company explained their choice in the pitch to the SEC, naming decentralization as one of key advantages of a Dogecoin ETF product.
Dogecoin Plays The Decentralization Card
Trustless and secure, “No single entity controls the Dogecoin Network”, – proudly states the Dogecoin ETF prospectus. Indeed, Dogecoin miners have to solve cryptographic puzzles in order to mint new Dogecoin (DOGE), while transactions are validated by an independent set of nodes employing Proof Of Work (PoW) consensus, similarly to Bitcoin (BTC).
Besides, the submission of Dogecoin ETF also acknowledged the difference in settling a block of transactions. For Bitcoin (BTC) it takes approximately 10 minutes, while DOGE’s PoW network can settle transfers on the chain roughly every minute. In both cases, the supply is determined by the chain’s protocol, but the Shiba Inu themed meme coin operates under an inflationary model.
21Shares Drops Bombshell Dogecoin Update
In other related Dogecoin news, 21Shares established a partnership with the House Of Doge, which is a subsidiary of the Dogecoin Foundation. This brings an inaugural Dogecoin exchange-traded product (ETP) to Europe, specifically to SIX Swiss Exchange.
Going live with the ticker $DOGE, this ETP allows European stock market traders to gain exposure to the largest meme coin of all-time in a highly-regulated traditional environment. Naturally, this could further strengthen the vibrant and socially-impactful Dogecoin community, popularly known as DOGE Army.
As of this publication, the Shiba Inu styled top dog crypto is changing hands at $0.1562, fetching 6.9% gains over the past 24 hours. Still at a 20% dip measured bi-weekly, Dogecoin’s (DOGE) price would need to restore late March, 2025 resistance levels at $0.20 to solidify the bounce back rally.
At the current Dogecoin (DOGE) price range, tables could turn either way due to profitable and non-profitable holders having the scales almost evenly balanced, with 50.8% of supply at profit, according to blockchain analysis platform Glassnode.
On The Flipside
- Over the span of a few months, other major crypto asset managers joined the race for the first Dogecoin ETF approval.
- Bitwise, Grayscale and Rex Shares have all submitted 19b-4 applications for a Dogecoin ETF on Spot markets.
Why This Matters
As more altcoins make an entrance into traditional financial markets via ETF and ETP products, these digital assets are observed as passive income vehicles and a store of value.
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