Dogecoin and Solana ETFs are attracting significant attention. Yesterday, Bitwise officially filed with the US Securities and Exchange Commission (SEC) for a spot Dogecoin exchange-traded fund.
During the same time frame, Cboe BZX Exchange submitted spot Solana ETF filings on behalf of four major asset managers.
If commencing, they could be a huge step forward for the crypto industry, signaling rosy prospects for novel meme and Solana-based projects like Meme Index and Solaxy.
Dogecoin and Solana ETFs – What’s the Fuss About?
The beauty of Dogecoin and Solana ETFs is that they would track the price of $DOGE and $SOL in real-time and give investors exposure to them without having to invest in them directly.
Plus, they’re regulated and more transparent, reducing the likelihood of price manipulation and security risks compared to direct digital asset ownership.
Bitwise Has Dogecoin ETF Competition
A Dogecoin ETF would make $DOGE more trustworthy in the eyes of investors. This is especially true when considering that Bitewise’s proposed Dogecoin ETF has chosen Coinbase Custody as its proposed custodian (a top choice among issuers).
Regarding the following steps, the S-1 application must be tied to a 19b-4 filing to be approved or denied.
But Bitwise does have competition. REX Shares and Osprey Funds have also proposed Dogecoin ETFs, and it’s unclear which one the SEC will improve first (if any).
New SEC Team Spurs Promising ETF Outlook
ETFs are keeping the SEC busy. Another example is Cboe BZX refiling 19b-4 filings for spot Solana ETFs on behalf of VanEck, Bitwise, 21Shares, and Canary Capital just yesterday.
The SEC reportedly rejected these applications late last year. However, Donald Trump’s revamped SEC team (including Hester Peirce and Mark Uyeda) is much more crypto-friendly. This means they’ve got a much higher chance of being accepted this time around.
Showing the weight of spot Solana ETFs, JPMorgan predicts the approval of one could attract between a hefty $3B to $6B in net assets over one year.
ETF Approval Signals Bright Days Ahead for Crypto
A Dogecoin ETF would likely propel $DOGE’s price to greater heights. In addition, when $DOGE’s price rockets, other meme coins usually follow suit. Owing to this, it could act as a catalyst for the meme coin sector, spurring investors to consider projects like the Meme Index ($MEMEX).
$MEMEX is an appealing buy because it grants access to four meme indexes depending on their risk tolerance (from extreme volatility to the most stable). Plus, it’s super easy to join during the presale for $0.0156557 and can be staked at an eye-boggling 740% APY.
On the other hand, the approval of a Solana ETF signals prosperous times for not only $SOL but also Solana-based projects like Solaxy ($SOLX) – the world’s first Solana Layer-2 network designed to fix Solana’s woes: congestion issues, failed transactions, and scalability limitations.
Further making $SOLX an attractive investment is that it can be staked at a 249% APY, thanks to 25% of its total token supply being set aside for such rewards. Better still – it costs just $0.001618 to join.
However, this is not investment advice. Always do your own research and monitor market dynamics before making any bold investment choices.
Also, never spend more than you’d be upset to lose because the crypto sector can be an extremely volatile space.
