The Nasdaq exchange has requested permission from regulators to list a 21Shares Dogecoin exchange-traded fund (ETF), according to regulatory filings.

This follows 21Shares' April 10th application, shortly after similar proposals from Bitwise and Grayscale. 21Shares has also sought approval for ETFs encompassing Solana (SOL), XRP, and Polkadot (DOT).

Nasdaq requires Securities and Exchange Commission (SEC) approval before listing the fund. This regulatory review will determine whether Dogecoin becomes more accessible to investors via an ETF.

Crypto ETFs Await SEC Review. Source: Eric Balchunas/Bloomberg

Related: 21Shares Files for Spot Dogecoin ETF in the US

A Surge in Altcoin ETF Applications

Following President Trump's directive for a more crypto-friendly SEC approach, numerous altcoin ETF applications have been submitted. As of April 21st, over 70 crypto ETFs awaited SEC review. These include layer-1 tokens like SOL and Sui (SUI), and memecoins such as Bonk (BONK) and Official Trump (TRUMP).

While exchanges like Nasdaq pursue more crypto ETF listings, they also advocate for stronger US digital asset regulation. In an April 25th comment letter, Nasdaq urged the SEC to apply the same standards to digital assets as securities if they function similarly.

Dogecoin Network Metrics. Source: Bitinfocharts.com

Dogecoin's Utility

Dogecoin (DOGE), with a market capitalization nearing $26 billion (as of April 29th, according to CoinGecko), is a prominent memecoin. Unlike many others, DOGE is the native token of the Dogecoin network—a proof-of-work blockchain aiming for faster, cheaper peer-to-peer payments than Bitcoin (BTC). It processed over 40,000 transactions in the preceding 24 hours (Bitinfocharts.com).

A layer-2 (L2) scaling solution, bringing smart contracts to Dogecoin, is planned for a September 2024 launch by QED Protocol and Nexus.

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