**Europe’s First Dogecoin ETP Launched by 21Shares**
On April 9, leading asset manager 21Shares, in collaboration with the House of Doge, launched Europe’s first regulated Dogecoin Exchange Traded Product (ETP) on the SIX Swiss Exchange. Trading under the ticker DOGE, this ETP aims to offer traditional European investors easier access to the popular meme cryptocurrency.
**Key Highlights:**
– **Institutional Attraction:** The ETP is anticipated to draw institutional investors who previously avoided direct cryptocurrency purchases.
– **Legitimacy Boost:** Introducing a regulated product enhances Dogecoin’s legitimacy in the financial market.
– **Market Timing:** The launch coincides with growing global interest in cryptocurrency ETPs.
The ETP, which is 100% physically backed, provides a secure and transparent way for investors to engage with Dogecoin, with a management fee of 2.50% covering storage and other costs. Duncan Moir, President of 21Shares, emphasized that Dogecoin, while a meme, acts as a cultural symbol and could drive broader crypto adoption.
**Global Expansion and U.S. Prospects**
Interest in a U.S.-based Dogecoin ETP is also on the rise. With NYSE Arca’s recent filing for a Dogecoin ETF, the SEC’s decision within 200 days could significantly impact the market. Firms like Rex Osprey and Bitwise have also submitted applications, signaling mounting interest.
**Market Outlook for Dogecoin**
Currently trading at $0.1448, Dogecoin has seen a 16.34% decline over the past week. Though it remains below its all-time high, the potential for U.S. ETF approval could lead to increased demand and a possible price rally. However, sustaining any surge remains uncertain.
**Tax and Market Implications**
Tax implications vary across Europe, with places like Germany offering tax exemptions for long-held assets, while France imposes a flat 30% tax. The Dogecoin ETP could set a precedent for future meme coin ETFs, potentially diversifying the crypto investment landscape.
