21Shares Launches First Dogecoin Exchange-Traded Product on Swiss Exchange
Dogecoin has gained attention with the launch of its first-ever Exchange-Traded Product (ETP) by 21Shares. This product aims to integrate Dogecoin into regulated finance, providing traditional investors a means to invest without utilizing crypto exchanges.
Key Points from the ETP Launch
- 21Shares launched the Dogecoin ETP on the SIX Swiss Exchange under the DOGE ticker.
- The ETP allows investments in Dogecoin through banks and brokers, similar to stocks or ETFs.
- Each share of the ETP is backed by actual Dogecoin held in custody.
- This development follows 21Shares' filing for a Dogecoin ETF with the US SEC, aiming to track DOGE's performance without leverage.
- The launch was made possible through collaboration with House of Doge and the Dogecoin Foundation.
- The foundation's involvement signals a more serious phase for Dogecoin, focusing on community projects and credibility.
DOGE Price Reaction
- Following the ETP announcement, Dogecoin was trading at approximately $0.1555, up 0.59% within 24 hours.
- Trading volume exceeded $559 million, although a 21% drawdown occurred in the same period.
- Market sentiment remains mixed, with some viewing this launch as a potential catalyst for increased demand and price rally.