Crypto asset manager 21Shares has reiterated its belief in Dogecoin, highlighting that the meme coin is more than just an internet culture.

Crypto asset manager 21Shares has maintained its positive outlook on Dogecoin, emphasizing that the meme coin’s essence goes deeper than merely reflecting internet culture.

In a recent X post, 21Shares highlighted how Dogecoin is driven by a community focused on daily positive impact. The firm noted the coin’s practical utility, including rapid transaction speed, minimal fees, and ability to facilitate microtransactions and tipping.

As per a previous report by the firm, over the past ten years, Dogecoin (DOGE) has experienced an extraordinary increase of 130,000%. This amounts to an annualized growth rate of 127%. According to the report, this performance has positioned Dogecoin as the top-performing asset among the top 25 cryptos by market capitalization.

Dogecoin’s Technological Advantages

According to 21Shares, Dogecoin’s architecture is designed for efficient use, with blocks confirming every minute—a rate ten times faster than Bitcoin. This speed ensures swift transactions, and when combined with low fees, makes Dogecoin an ideal choice for small payments and everyday transactions.

While Dogecoin has no cap on its supply, its mining system remains consistent and predictable, the firm noted. Every minute, the network mines 10,000 DOGE, which translates to an annual addition of around 5.25 billion tokens. Over time, this fixed rate of issuance has led to a natural decrease in inflation, all the while maintaining network security and providing consistent rewards to miners.

Widespread Adoption and Payment Use

Moreover, 21Shares noted how Dogecoin has gained recognition for its potential as a payment method, with major companies such as Tesla (NASDAQ:TSLA), AMC Theatres, and Newegg accepting it.

Thanks to its minimal transaction costs and rapid processing, Dogecoin provides an effective solution for routine payments. Crypto payment platforms like BitPay have further facilitated this by allowing thousands of merchants worldwide to accept DOGE.

Recently, Dogecoin made headlines when The Open House Group, a leading Tokyo Stock Exchange-listed real estate company, added the meme coin to its list of supported payment methods.

Institutional Exposure Through the Dogecoin ETP

It’s worth noting that 21Shares’ endorsement of Dogecoin goes beyond mere appraisals. The asset manager recently partnered with the House of Doge to launch the first Dogecoin ETP endorsed by the Dogecoin Foundation.

This new financial product provides institutional investors a regulated way to gain exposure to Dogecoin.

Also, just last week, 21Shares filed for a Dogecoin ETF with the SEC. The asset manager is applying for the approval of an exchange-traded fund that will invest in a basket of cryptocurrency trusts.

The asset manager has already received approval for Bitcoin and Ethereum ETPs in Europe, and now it’s focusing on gaining approval for a U.S. listing.

If approved, the 21Shares’ product will be among the first crypto ETPs to be listed in the U.S. After years of attempts by asset managers to gain approval for crypto ETFs in the U.S., the SEC finally approved the first two spot Bitcoin ETFs earlier this month.

Other firms like Bitwise and Grayscale are also seeking to launch Dogecoin ETFs.