Wall Street Goes to the Dogs: Nasdaq Begs SEC to Unleash Dogecoin ETF 🐕💸

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Stop the presses! Someone at Nasdaq just watched too many internet memes and now they’re asking their regulatory overlords for permission to list a 21Shares exchange-traded fund (ETF) based on – wait for it – Dogecoin! Yes, that Dogecoin! The little dog that could! Somewhere in a boardroom, there’s a group of very confused finance guys Googling “such wow, how invest?”

This is hot on the heels (or tails?) of 21Shares’ attempt to corral the ETF herd right after rivals Bitwise and Grayscale flung their own hats in the ring. The asset manager isn’t stopping at one circus act, oh no. They want ETFs for Solana, XRP, Polkadot – basically, if it sounds futuristic or like a rejected X-Men character, they want it!

Of course, Nasdaq can’t just toss these memecoins onto the market like peanuts at a ballgame. First, they need the Securities and Exchange Commission (SEC) to nod or grunt or do whatever it is they do when confronted by dog memes in their inboxes. Will Dogecoin make it to the big leagues? Stay tuned! Or don’t. I’m not your mother.

Onslaught of altcoin ETFs

Apparently, the more the merrier: Fund issuers are stampeding the SEC to list so many altcoin ETFs, it’s starting to look like a crypto petting zoo in there. Legend has it, President Donald Trump himself told the SEC to “be more fun” with their stance on crypto after his second term kicked off – seriously, what’s next, an ETF for Beanie Babies?

By late April, over 70 crypto ETFs were at the SEC waiting for review. We’ve got layer-1 tokens, memecoins like Bonk (no, not the sound you make when reading this) and the Official Trump memecoin – because if you can put a face on a coin, you can bet someone already did. Meanwhile, Nasdaq is over there yelling, “Hey, if it’s shaped like a stock and waddles like a stock, can’t you just call it a stock already?”

Dogecoin utility

Dogecoin isn’t just a meme – it’s a $26 billion meme as of April 29. (Take that, Mona Lisa!) Unlike its cousin JokeCoins, this one’s a big dog, literally the Shiba Inu of the blockchain. It runs on proof-of-work (meaning, you gotta do some work, but hopefully not enough to break a sweat) and promises faster, cheaper payments than Bitcoin. In the last 24 hours, over 40,000 transactions – which is at least 39,999 more than your average lottery ticket.

And just when you thought this meme ran out of punchlines, in September 2024, some actual blockchain developers with very serious names (QED Protocol and Nexus – probably wore suits to prom) hinted they’ll slap some smart contracts on Dogecoin with a layer-2 scaling solution. Because, really, what this world needs is a smart meme!

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2025-04-29 21:21