Emily Walker
The launch of the inaugural Dogecoin Exchange Traded Product (ETP) has generated excitement, suggesting the possibility of a significant price increase for DOGE. With additional optimistic factors contributing to its recent price hike, this new ETP positions Dogecoin for a potential 100% rise to new heights.
Valour Unveils First Dogecoin ETP
Valour Inc., a subsidiary of DeFi technology, has launched a Dogecoin ETP on Sweden’s Spotlight Stock Market. This marks the first Dogecoin ETP in Northern Europe, specifically across the Nordic countries.
According to a press release from Valour, this new offering will broaden the company’s product range and audience reach. Valour already facilitates access to various regulated digital asset ETPs, including popular cryptocurrencies like Bitcoin and Ethereum.
Currently, Valour manages about 40 ETPs and has a total of $609 million in Assets Under Management (AUM). With this new Dogecoin ETP, the company aims to reach new markets and investors, paving the way for further adoption of DOGE.
The newly introduced Dogecoin ETP will allow investors easier access to this popular meme coin, giving them exposure to its market dynamics without the complexities of direct cryptocurrency ownership.
Elaine Buehler, Valour’s Head of Product, emphasized that this launch is a major milestone in the company’s goal of making digital assets more accessible. She expressed her enthusiasm for a product that embodies the lively spirit of the DOGE community and its market impact.
Can the New ETP Propel DOGE Price by 100%?
Currently, Dogecoin trades at $0.39, as reported by CoinMarketCap. Although it has struggled to surpass the $0.4 resistance, the DOGE price has experienced notable gains this month.
These increases are largely attributed to a positive market sentiment influenced by events like the recent US presidential elections, as well as the actions of SpaceX and Tesla’s Elon Musk.
The introduction of the Dogecoin ETP could act as a significant bullish factor, potentially driving the DOGE price to surge by 100% to reach $0.78. Analysts anticipate that DOGE may achieve the $1 mark before year’s end, positioning it among the leading assets in this bullish market.
Furthermore, Johanna Belitz of Valour noted that recent election results and Musk’s impact have significantly increased DOGE’s popularity and demand.
With increasing demand and dwindling supply typically leading to price spikes, DOGE could experience further growth if the optimism surrounding the new ETP triggers a rally.