In a groundbreaking development for the world of cryptocurrency, 21Shares has declared the launch of the first-ever exchange-traded product (ETP) for Dogecoin ($DOGE) on the SIX Swiss Exchange. This new product is fully backed by the Dogecoin Foundation. It is a significant step in Dogecoin’s evolution from a popular memecoin to a digital asset more widely recognized, and with institutional backing, as not far off from the mainstream. Expected to bring more legitimacy and add to the mainstream appeal of the once-joke cryptocurrency, the launch of the $DOGE ETP has opened the door for traditional investors and institutions to gain exposure to Dogecoin through a familiar and regulated financial product. Backed by the Dogecoin Foundation, the move signals a growing acceptance of Dogecoin as a viable asset class. JUST IN: 21Shares is launching the FIRST EVER $DOGE ETP on the SIX Swiss Exchange — fully backed by the Dogecoin Foundation! Memecoin no more… #Dogecoin just went INSTITUTIONAL. Next stop: THE MOON pic.twitter.com/5DY3g2HIZc — Crypto Patel (@CryptoPatel) April 9, 2025 Originally created as a meme cryptocurrency, Dogecoin has slowly and awkwardly morphed into a more serious contender in the digital asset space. Oddly enough, the meme crypto’s rise in status has been fueled by a combination of community-driven initiatives, celebrity endorsements (notably from Tesla CEO Elon Musk), and a strong presence on social media platforms. But if we are to take Dogecoin seriously—and if the introduction of the Dogecoin ETP is any indication, we should be—then what exactly is this cryptocurrency that was once regarded as a borderline joke? A Potential Breakout: Dogecoin’s Technical Setup Points to Positive Momentum Along with the institutional changes related to Dogecoin, the cryptocurrency is also flashing positive indicators on the charts. Dogecoin has lately broken out of an ascending parallel channel, which—ahem!—has historically been a strong bullish signal. This breakout suggests a potential new upside, with some analysts daring to predict a move toward the 6-cent level in the near future. #Dogecoin $DOGE is breaking out of an ascending parallel channel, signaling a potential move toward $0.060! pic.twitter.com/p4nclPILNr — Ali (@ali_charts) April 7, 2025 Since October 2023, a solid upward trend has been seen with Dogecoin, registering a nearly straight line on the technical trading charts, akin to what the experts might refer to as an “ascending channel” or “rising wedge.” That aforementioned channel has now converged or is set to converge with the all-important 61.8% Fibonacci retracement level, a major technical indicator that traders often watch as a gauge of potential support or resistance for an asset’s price. If Dogecoin is able to hold above the intersection of the two lines (uptrend and Fibonacci retracement), it might signal not just a hold but an actual advancement for the value of Dogecoin over the next several weeks. Since October 2023, #Dogecoin $DOGE has respected a rising trendline that now converges with the 61.8% Fib retracement at $0.13, making this a key support level to watch. pic.twitter.com/fSlblEcpiu — Ali (@ali_charts) April 8, 2025 Even with these excellent technical signs, the market presents us with certain challenges. A new report from Santiment shows that Dogecoin’s large holders (the so-called “whales”) have been selling off their DOGE tokens in quite large quantities and at quite a rapid pace over the last couple of days. In just the last 48 hours, these DOGE whales offloaded more than 1.32 billion tokens, a sell-off that could pressure the price down in the short tool. Now, why are we concerned about this? Well, these large sell-offs can sometimes be indicative of a shift in sentiment toward the negative for Dogecoin. Whales sold over 1.32 billion #Dogecoin $DOGE in the last 48 hours, as shown by data from @santimentfeed ! pic.twitter.com/K3n6sD03Kl — Ali (@ali_charts) April 9, 2025 Whales’ Influence and Market Sentiment The recent sell-offs by large Dogecoin holders could be a sign of profit-taking or shifting strategies. When large holders move significant amounts of cryptocurrency, it often triggers short-term price changes that affect the market. These kinds of market moves also remind us how volatile the Dogecoin market is. You can certainly view the large holder sell-off as a negative sign. Some sell-off signal, “Get out while you can!” But you can also interpret it as a price drop that creates an opportunity to buy Dogecoin at a lower price. Conversely, launching the $DOGE ETP within a structure similar to that of exchange-traded products is probably going to get more investors, both retail and institutional, to dip their toes into Dogecoin. The reason is simple: these investors generally prefer the kind of regulatory framework and product structure provided by an ETP. Moreover, the backing of this product by the Dogecoin Foundation, which is now an active player in the world of cryptocurrencies, adds a layer of credibility to it. The Future of Dogecoin: A Shifting Narrative Bringing the Dogecoin ETP to Wall Street is monumental for the cryptocurrency. It is a clear signal of the shift in how this digital asset is now being regarded. What used to be seen as a joke or meme is now a legitimate financial product with proper institutional backing. And as Dogecoin continues to break out of its parallel channels and as technical indicators continue to suggest it’s going to keep running, it’s safe to say the cryptocurrency is maturing. Although the key feature of Dogecoin is still its volatility, institutional investors are now entering the world of Dogecoin, as represented by the launch of the $DOGE ETP. And with deeper pockets comes, potentially, deeper legitimacy for what was once just an internet meme. The ETP represents a significant step for Dogecoin in terms of possible further adoption by large pools of money. In the wider cryptocurrency market, the journey of Dogecoin reflects a larger trend that bestows legitimacy on once-speculative or “joke” cryptocurrencies. Increasingly, institutions are making the move into this formerly niche space. So, too, are their adjoining products. The $DOGE ETP, which tracks the price of Dogecoin, is funded with direct investments in the asset. It’s an ETF you might actually understand. To conclude, we can say that Dogecoin has ceased being a mere meme in the world of cryptocurrencies. It is now one such digital currency that is being taken rather seriously even by a number of institutional investors. The implementations of the Dogecoin ETP on Swiss stock exchanges and the very recent technical breakout during which the Dogecoin price more than doubled since Feb. 28, 2021 all attest to the ongoing transformation of Dogecoin from a comical digital dollar to a real digital asset. One that you are just as likely to see again in your investment portfolio as you would the eToro logo. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
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