Crypto fund issuer Valor has launched its first exchange-traded product (ETP) for popular memecoin Dogecoin (DOGE), according to a November 26 announcement from Valour’s parent company, DeFi Technologies.
The ETP will be traded on Sweden’s Spotlight Stock Market, giving retail and institutional investors exposure to the world’s largest memecoin by market capitalization in a regulated fund wrapper, Valor said.
The asset manager launched the Valor DOGE ETP. “(i) Considering the results of the recent (US) presidential election and the resulting surge in demand for Dogecoin (…) strengthened by influential figures such as Elon Musk,” said Johanna Belitz, Head of Nordics at Valour. , said in a statement.
Source: Dogecoin
Cointelegraph Research said that the cryptocurrency market surged after Donald Trump’s victory in the US presidential election. This is because many people believe that his victory will help the industry.
Meanwhile, the memecoin market has become one of the fastest-growing segments of the cryptocurrency industry in 2024.
Memecoin platform Pump.fun is one of the big success stories of the year, playing a key role in the rise of the Solana (SOL) blockchain network.
DOGE, which first launched in 2013 as a satirical commentary on BTC, now has a total market capitalization of about $55 billion, according to CoinMarketCap.
Dogecoin operates on its own proof-of-work (PoW) blockchain network, similar to Bitcoin, but with less computationally intensive transaction confirmations and no cap on the total Dogecoin supply. Dogecoin does not support smart contracts.
It is widely known as the first memecoin, but is also used for micropayments and tipping.
source: CoinMarketCap
On November 15, the plaintiffs withdrew a class action lawsuit they had filed in 2022, alleging that Elon Musk and Tesla manipulated the price of DOGE through media appearances and social media posts.
On November 26, Binance’s former CEO Changpeng “CZ” Zhao called on the cryptocurrency community to shift its focus away from memecoins and toward building “real-world” blockchain applications.
Valour’s parent company, DeFi Technologies, manages approximately $600 million in assets across a variety of cryptocurrency strategies.
On July 17, Valor launched an ETP for NEAR, the native token of Near Protocol. It also trades on Sweden’s Spotlight Stock Market.
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