21Shares Unveils World’s First Dogecoin ETP on Switzerland’s SIX Exchange

Europe welcomes its first Dogecoin Exchange Traded Product (ETP), signaling growing mainstream acceptance of meme coins within traditional finance. This launch coincides with a surge in interest surrounding cryptocurrency ETPs and the potential approval of a Dogecoin ETF in the United States.

This marks a significant milestone for Dogecoin, transforming it from an internet meme into a regulated financial instrument. The Dogecoin ETP aims to attract institutional investors previously hesitant to engage directly with cryptocurrencies.

Dogecoin ETP: A Step Towards Wider Adoption?

Asset manager 21Shares, in collaboration with the House of Doge, launched Europe's first Dogecoin ETP on the SIX Swiss Exchange (ticker: DOGE). This ETP is 100% physically backed, offering investors transparent and secure access to Dogecoin through established market channels. It carries a 2.50% management fee covering storage, insurance, and administrative expenses.

As announced on their official X account: "Much wow! Now live! In partnership with @houseofdoge, we’re excited to introduce the only Dogecoin ETP endorsed by @dogecoinfdn, now available through your bank or brokerage. Here’s to the meme that made it!"

21Shares President, Duncan Moir, highlighted the ETP as the most direct route for investors seeking exposure to Dogecoin and its ecosystem, emphasizing its cultural impact and contribution to broader cryptocurrency adoption.

21Shares, already offering Bitcoin and Ethereum ETPs, has also filed for XRP, Polkadot, and Solana ETFs in the U.S., reflecting significant demand for diversified crypto investment options.

Interest in Dogecoin investment products is also gaining traction in the U.S. The SEC is reviewing a Dogecoin ETF filing from NYSE Arca, with potential approval looming. Other firms, such as Rex Osprey and Bitwise, have submitted applications, boosted by the SEC's approval of spot Bitcoin ETFs in 2024. Polymarket estimates a 65% probability of a Dogecoin ETF approval.

Despite the optimism, the SEC's historical caution towards meme coin-related products remains a factor. Currently trading around $0.1565 (a 10% increase in the last 24 hours, but down 16.34% over the past week), DOGE is significantly below its all-time high of $0.7376 (May 2021). Trading volume has also decreased by 6%. This volatility underscores the inherent risks in cryptocurrency investments.

Technical analysis reveals a lack of strong support for price growth, with a neutral RSI of 34.30 and a price below its 50-day average of $0.1921, suggesting bearish trends. However, factors like the new Dogecoin ETP and the potential approval of a U.S. Dogecoin ETF could positively impact the price, potentially attracting institutional investment and triggering a short-term rally. The sustainability of any such momentum remains uncertain.