The funds sector built by the American stock market has become a doge-Eat-Doge world in recent weeks, in which various asset managers shout to launch spot Dogecoin ETFs.
But at least one fund emittent does not jump in the Doge-Pile. For cryptocurrency investment company Canary Capital, the Shiba Inu-inspired meme-mint is completely bark and no bite.
Canary Capital CEO Steven McClurg told Decrypt This week his company has no plans to launch a spot Dogecoin ETF, both pointing to the unlimited range of digital currencies and the lack of usefulness.
The company is one of the many issues that deal with a race to perform its crypto-based investment offer after running the US to a more digital asset-friendly regime under President Donald Trump. Canary has already submitted to launch spot funds based on Solana, XRP, Litecoin and HBBer – but McClurg said that the company is not becoming a member of the Doge ETF -Fray.
‘I find it difficult to put [Dogecoin] In an ETF -Wrapper, because the coin was literally designed to fall in value and to constantly increase the offer, “said McClurg Decrypt.
“There is no limited stock there, so you essentially put something in an ETF wrapper that is designed to go to zero,” he added.
Dogecoin is the eighth largest cryptocurrency in Market Cap, Coingecko facts Shows. It acts around a price of $ 0.25 from writing time, with almost half since the Climbed to a high price of three years from $ 0.48 in December.
Doge has no solid delivery limit and marks a strong contrast with other cryptocurrencies such as Bitcoin and XRP. Mining on the Dogecoin blockchain yields 10,000 doge per block, with mined tokens being added to the ever-increasing general stock.
Admittedly, there are other chains with non -integrated token supplies, including Solana – another active for which Canary wants to launch a fund for. But there is an important difference in his vision: utility.
Sol is used as a utility token to pay transactions on the Solana network. The network and its native token are used to trade popular meme coins, such as official Trump, Bonk and Dogwifhat. In the meantime, token is also used to communicate with decentralized applications, plus a growing range of games on the network.
In comparison, Meme -coins are famous for their lack of usefulness and dogecoin, the original meme -Munt that was made as a joke in 2013, is an example of that Ethos good. Although Die-Hard Dog-Fans have implemented protocols to launch meme coins and collective objects to the chain, similar to what happened on Bitcoin, they are niche offers with a limited user base.
Dogecoin has collected legions of loyal holders, including some prominent. Tesla founder Elon Musk is an avid dogecoin supporter, and he defended the unique tokenomics of the cryptocurrency Last November in an X post: “I think that the flat inflation of dogecoin, which means that the percentage of inflation is decreasing, is a function, not a bug.”
Encouraged by the loyal fan base of token, some asset managers have applied in recent weeks to roll out the funds traded by the stock market that follow the Dogecoin price. Bitwise submitted last month to launch a fund based in Dogecoin, according to the management of assets managers Osprey and Rex shares. Meanwhile last week Grayscale launched a Dogecoin TrustShortly after submitting federal supervisors to convert the fund into a place ETF.
More generally, investment firms have pumped the gas on attempts to launch new crypto-based ETFs for American investors, whereby issues submit to offer funds based on A wide range of cryptocurrencies Such as XRP, Solana, official Trump and Bonk.
The applications are amid a whole series of digital assets regulation and policy shifts in the US, such as the appointment of a new one, Pro-Crypto Securities and Exchange Commission Chairman. The SEC has also launched a crypto task force, in which Commissioner Hester Peirce states that the regulator must work on a “mess” created by the previous administration.
The tone shift-with the approval of Spot Bitcoin and Ethereum ETFs last year-has the hope of the issuers inflamed that the federal supervisors could give approvals to a whole series of crypto-based investment vehicles in the coming years.
While McClurg justified the submission of Canary of a Solana ETF because SOL was more substantial use than Doge, he admitted that it was not an important focus for the company.
“It’s so of:” Hey, well, if we do these others, we might as well jump in and take action when something happens, “McClurg said Decrypt of his SOL ETF invoice.
Published by Andrew Hayward
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