Crypto news

Dogecoin’s Wild Ride: From Meme to Money-Making Machine!

BBG News

In a universe where the absurd is the norm, the Elon Musk-backed memecoin, Dogecoin, is once again strutting its stuff on the galactic stage. Priced at a staggering DOGE $0.16, it’s practically a steal! And if you’re wondering about its 24h volatility, it’s a thrilling 0.5%—hold onto your hats, folks! 🎩

With a market cap that’s ballooned to a whopping $23.20 B and a trading volume of $513.21 M in the last 24 hours, Dogecoin is making waves like a particularly enthusiastic dolphin at a beach party. 🐬

Dogecoin Enters Traditional Finance via ETP Launch

In a move that can only be described as “what on Earth (or any other planet) is happening?”, 21Shares has launched the first-ever Dogecoin Exchange-Traded Product (ETP) on the SIX Swiss Exchange under the illustrious DOGE ticker. This means that traditional investors can now dip their toes into the Dogecoin pool without having to navigate the murky waters of crypto exchanges. How delightful! 🏊‍♂️

But wait, there’s more! This groundbreaking development follows 21Shares’ filing for a Dogecoin ETF with the US Securities and Exchange Commission (SEC). Apparently, they want to track DOGE’s performance without the use of leverage or derivatives—because who needs complexity when you have memes? 🤷‍♂️

According to the firm, this ETP launch allows investors to invest in the memecoin through regular banks and brokers, just like they would with stocks or ETFs. Each share of the ETP is backed by actual Dogecoin held in custody, ensuring that investors can trust it as much as they trust their morning coffee to wake them up. ☕

From meme to mainstream: Dogecoin now has its own ETP.

At 21Shares, we’re proud to be the first to offer a Dogecoin ETP exclusively endorsed by the @DogecoinFdn, enabling investors to access the beloved $DOGE asset.

This is what it looks like when culture and finance converge… or collide spectacularly.

— 21Shares (@21Shares) April 18, 2025

The company has announced that this launch was made possible through a partnership with the House of Doge and the Dogecoin Foundation. The foundation, which has been guiding the currency since 2014, adds a sprinkle of credibility to this otherwise whimsical venture.

It’s worth noting that the foundation has been busy supporting Dogecoin’s community projects and charitable efforts. Their involvement now signals that the coin is entering a more serious phase—whatever that means in the world of memes. 😅

Since the announcement, the crypto community on X has been buzzing with opinions that range from jubilant celebrations to existential crises about how a financial product like an ETP aligns with Dogecoin’s original mission of decentralization. But hey, who doesn’t love a good debate over a cup of virtual coffee? ☕💬

DOGE Price Reacts to ETP Debut

In a previous update, Coinspeaker reported that Dogecoin whales purchased over 800 million DOGE in just two days, driving bullish sentiment like a herd of caffeinated elephants. This accumulation, worth over $128 million, has led to rising optimistic predictions for Dogecoin amid growing adoption. 🐘💰

Following the ETP announcement, CoinMarketCap data showed that Dogecoin was trading at around $0.1555, up by 0.59% in 24 hours. The trading volume is over $559 million, but there was a 21% drawdown within the same period—because why not keep everyone on their toes? 🤹‍♂️

Market participants are now watching closely to see how this 21Shares product might affect the price. Based on general market perception, easy access to Dogecoin through traditional finance could increase demand, fueling a price rally. However, the crypto market remains as unpredictable as a cat on a hot tin roof, and a shift in market sentiment could send the coin’s price tumbling down faster than you can say “to the moon!” 🚀

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2025-04-18 19:38

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