Dogecoin and Solana ETFs are attracting significant attention. Yesterday, Bitwise officially filed with the US Securities and Exchange Commission (SEC) for a spot Dogecoin exchange-traded fund.
In the course of the same time-frame, Cboe BZX Exchange submitted spot Solana ETF filings on behalf of 4 major asset managers.
Trump’s relatively pro-crypto bill and latest Treasury Secretary appear to have woken up issuers of Dogecoin and Solana ETFs – latest ones are being proposed left, right, and center.
If commencing, they could possibly be an enormous step forward for the crypto industry, signaling rosy prospects for novel meme and Solana-based projects like Meme Index and Solaxy.
Dogecoin and Solana ETFs – What’s the Fuss About?
The fantastic thing about Dogecoin and Solana ETFs is that they’d track the value of $DOGE and $SOL in real-time and provides investors exposure to them without having to speculate in them directly.
ETFs make the customarily troublesome dealings with crypto exchanges, wallets, and personal keys not mandatory.
Plus, they’re regulated and more transparent, reducing the likelihood of price manipulation and security risks in comparison with direct digital asset ownership.
Bitwise Has Dogecoin ETF Competition
A Dogecoin ETF would make $DOGE more trustworthy within the eyes of investors. This is particularly true when considering that Bitewise’s proposed Dogecoin ETF has chosen Coinbase Custody as its proposed custodian (a top alternative amongst issuers).
Regarding the next steps, the S-1 application have to be tied to a 19b-4 filing to be approved or denied.
But Bitwise does have competition. REX Shares and Osprey Funds have also proposed Dogecoin ETFs, and it’s unclear which one the SEC will improve first (if any).
Latest SEC Team Spurs Promising ETF Outlook
ETFs are keeping the SEC busy. One other example is Cboe BZX refiling 19b-4 filings for spot Solana ETFs on behalf of VanEck, Bitwise, 21Shares, and Canary Capital just yesterday.
The SEC reportedly rejected these applications late last 12 months. Nonetheless, Donald Trump’s revamped SEC team (including Hester Peirce and Mark Uyeda) is rather more crypto-friendly. This implies they’ve got a much higher likelihood of being accepted this time around.
Showing the burden of spot Solana ETFs, JPMorgan predicts the approval of 1 could attract between a hefty $3B to $6B in net assets over one 12 months.
ETF Approval Signals Shiny Days Ahead for Crypto
Dogecoin and Solana ETFs signal good times ahead for the crypto sector as a complete.
A Dogecoin ETF would likely propel $DOGE’s price to greater heights. As well as, when $DOGE’s price rockets, other meme coins normally follow suit. Owing to this, it could act as a catalyst for the meme coin sector, spurring investors to contemplate projects just like the Meme Index ($MEMEX).
$MEMEX is an appealing buy since it grants access to 4 meme indexes depending on their risk tolerance (from extreme volatility to essentially the most stable). Plus, it’s super easy to join throughout the presale for $0.0156557 and may be staked at an eye-boggling 740% APY.
However, the approval of a Solana ETF signals prosperous times for not only $SOL but in addition Solana-based projects like Solaxy ($SOLX) – the world’s first Solana Layer-2 network designed to repair Solana’s woes: congestion issues, failed transactions, and scalability limitations.
Further making $SOLX a lovely investment is that it may be staked at a 249% APY, because of 25% of its total token supply being put aside for such rewards. Higher still – it costs just $0.001618 to join.
Nonetheless, this just isn’t investment advice. At all times do your individual research and monitor market dynamics before making any daring investment decisions.
Also, never spend greater than you’d be upset to lose since the crypto sector may be a particularly volatile space.