Dogecoin (DOGE) Creator Breaks Silence on Dogecoin ETF

Gamza Khanzadaev

Billy Markus, one of the creators of Dogecoin, reveals his real reaction to the potential emergence of the Dogecoin ETF

Billy Markus, one of the creators of Dogecoin known as “Shibetoshi Nakamoto,” has given his thoughts on the growing speculation about the possible SEC approval of a Dogecoin ETF. Such discussions come amid significant developments in the crypto market, including the emergence of the Bitcoin ETF and the impending Ethereum ETF decision. So, crypto enthusiasts started wondering who could be next to get their own similar solution.

Although Dogecoin originated as a meme cryptocurrency, its use has continued for over a decade, with many large and small businesses across the world adopting DOGE as a means of payment.

a dogecoin etf would be fun

– Shibetoshi Nakamoto (@BillyM2k) May 21, 2024

Fueling market participants’ enthusiasm is the fact that Dogecoin is not classified as a security, making it a promising candidate for an ETF. For example, earlier this year, the Commodity Futures Trading Commission (CFTC) approved Coinbase Derivatives futures contracts on Dogecoin, indicating some approval from the regulator.

This approval is seen as a turning point that could pave the way for traditional financial institutions to engage more formally with DOGE.

Is the Dogecoin ETF a Concern?

Dogecoin is currently the eighth largest cryptocurrency, with a market capitalization of $24.25 billion and a daily trading volume of $2.86 billion. The cryptocurrency is trading at $0.168, well below its all-time high of $0.74 reached in May 2021.

On the other hand, while the possibility of creating a Dogecoin ETF offers obvious benefits such as greater institutional participation and greater market legitimacy, it also raises concerns about the growing influence of traditional financial institutions over the crypto market.

About the Author

Gamza Khanzadaev