Two prominent crypto market experts have shed light on the future of meme coins in this market cycle, predicting the potential launch of a Dogecoin Exchange-Traded Fund (ETF) soon.
Crypto Heavyweights Affirm Dogecoin ETF Is Coming
Co-founder of BitMEX, Arthur Hayes and Chief Executive Officer (CEO) and co-founder of Real Vision, Raoul Pal have appeared in a recent YouTube podcast on Coin Bureau, sharing insights on the potential for a Dogecoin ETF as meme coins continue to gain traction in the market.
When questioned about what meme coins he was keeping an eye on in his portfolio, Hayes asserted that Dogecoin could potentially get an ETF by the end of the cycle. He based his predictions on the substantial growth rate of the doggy-themed meme coin over the years, highlighting Dogecoin’s status as the oldest meme coin in the crypto space, giving it an edge over other meme based cryptocurrencies.
Moreover, Hayes also noted Dogecoin’s substantial market capitalization which has risen to a staggering $19.7 billion. The meme coin currently holds the top position as the world’s largest meme-based cryptocurrency by market capitalization, according to CoinMarketCap.
Additionally, Dogecoin’s cultural impact on the crypto space and the investment sector in general has been profound. The popular meme coin has also steadily cultivated its robust community to hold millions of supporters and investors.
Echoing Hayes’ sentiments, Pal agreed with the BitMEX co-founder in his prediction of a Dogecoin ETF by the end of the market cycle. He indicated his strong advocacy for a Dogecoin ETF, having discussed the possibilities with Jan van Eck, the CEO of VanEck, an investment management firm and Spot Bitcoin ETFs provider.
When asked if a potential Dogecoin ETF could flip the demand for Spot Ethereum ETFs, the Real Vision CEO lauded Dogecoin’s consistent outperformance of Bitcoin in every bull cycle, cementing its status as a major player in the crypto space. He also disclosed that he has attempted to urge VanEck’s CEO to file a Dogecoin ETF, emphasizing his active efforts behind the scenes to make this happen.
Meme Coins With The Strongest Narratives In This Cycle
As meme coins continue to gain ground in the crypto space, it’s no surprise that many are speculating about which coin will be the next big hit. In the interview, Hayes and Pal shared insights on which meme coins they believe will have the strongest narratives in the crypto market.
Pal revealed that he has made investments in popular cryptocurrencies like Dogecoin, however, he was 90% long on Solana (SOL). On the other hand, Hayes disclosed a more diversified meme coin portfolio, highlighting investments in prominent meme coins like Bonk (BONK), Dogwifhat (WIF), and Dogecoin. He revealed his investment strategy for 2024, advising: “Be long, don’t sell, don’t get shook, and don’t use too much leverage.”
Featured image from Getty Images, chart from TradingView