Valour, a subsidiary of fintech company DeFi Technologies (DEFTF), has launched the market’s first Dogecoin (DOGE-USD) exchange-traded product (ETP), which will trade on Sweden’s Spotlight Stock Market. This innovation allows investors to trade the popular meme coin like a stock, as global interest in Dogecoin continues to be driven by Elon Musk. DOGE prices are rising today, suggesting the market is responding positively to the launch of the new Dogecoin ETP.
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What’s Happening with Dogecoin Today?
Dogecoin prices dipped over the past few days but have started rising again today. This renewed momentum is likely due, at least in part, to the new ETP, which will make DOGE accessible to new investors who may not have considered purchasing the meme coin before. Despite the recent dip, Dogecoin has surged significantly over the past three months, climbing 290% as Elon Musk’s influence continues to drive interest.
Dogecoin has significantly benefited from Donald Trump’s decision to task Musk with leading the new Department of Government Efficiency (DOGE), which has kept the crypto’s symbol prominently in focus on the national stage. Additionally, Musk recently proposed a “Dogecoin fix” for what he perceives as crisis spending in the U.S. The Tesla (TSLA) CEO has been a vocal advocate for the crypto for years. With his political influence growing, more investors are likely viewing it as a valid investment vehicle.
The launch of the Dogecoin ETP is noteworthy, as it provides investors with a new incentive to purchase DOGE. Since an ETP can be traded like a stock, it may appeal to traders who distrust crypto exchange platforms such as Coinbase (COIN). With interest in Dogecoin steadily rising, the timing seems ideal for a new avenue to gain exposure, particularly for investors outside the United States.
Is It Time to Buy Dogecoin?
Since no Wall Street analysts follow Dogecoin, it is hard to properly assess which rating it deserves based on expert opinions. That said, the TipRanks Technical Analysis tool suggests a Buy signal on the one-day timeframe, based on overall bullish sentiment.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
