The United States is about to welcome its first memecoin exchange-traded fund, with the Rex-Osprey Doge ETF ( DOJE) scheduled to launch on Thursday.
This news came from Bloomberg ETF analyst Eric Balchunas, who posted on X that he’s” pretty sure this is the first-ever US ETF to hold something that has no utility or purpose.”
The product will trade under the Investment Company Act of 1940, which differs from the Securities Act of 1933 often used for funds backed by physical assets.
Meanwhile, this launch comes following the success of Bitcoin and Ether ETFs, which were approved last year. They opened the door for investors and institutions to buy crypto through normal stock market channels.
Since then, the demand of this product has increased as it offers a safe and regulated way to get into crypto. Now, Dogecoin is joining that list, even though it started as a joke coin on the internet.
Moreover, the token itself saw a sharp jump in trading recently. According to CoinMarketCap data, DOGE has climbed nearly 14% in the past week. It’s currently trading for $0.02402 which has pushed its market cap to $36 billion.
Dogecoin was created in 2013 as a parody of Bitcoin, with its Shiba Inu mascot quickly turning it into an internet sensation. Despite its meme origins, the token has built a large and loyal following, which has also inspired countless other coins based on humor and online culture.
The approval of DOJE arrives as regulators review applications for crypto funds from different firms. Bloomberg ETF analyst James Seyffart noted last month that 92 proposals are currently waiting in line, including products tied to Solana and XRP.
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