Two leading crypto market experts have recently highlighted the promising future of meme coins, forecasting the potential launch of a Dogecoin Exchange-Traded Fund (ETF) in the near future.
Prominent Figures Foresee Dogecoin ETF
Arthur Hayes, co-founder of BitMEX, and Raoul Pal, CEO and co-founder of Real Vision, discussed the likelihood of a Dogecoin ETF in a recent YouTube podcast on Coin Bureau. Both experts noted the increasing traction of meme coins in the market.
Dogecoin ETF on the Horizon
Hayes predicted the possibility of a Dogecoin ETF by the end of this market cycle. He cited Dogecoin’s impressive growth over the years and its status as the oldest meme coin, which he believes gives it an advantage over other meme-based cryptocurrencies. Additionally, Dogecoin’s market capitalization has reached a remarkable $19.7 billion, making it the largest meme-based cryptocurrency, according to CoinMarketCap.
Hayes also emphasized Dogecoin’s significant cultural impact and its strong, dedicated community of millions of supporters and investors.
Pal echoed Hayes’ optimism, agreeing that a Dogecoin ETF could materialize by the end of the market cycle. He revealed his discussions with Jan van Eck, CEO of VanEck, a firm known for providing Spot Bitcoin ETFs, about the feasibility of a Dogecoin ETF.
When asked if a Dogecoin ETF could overshadow the demand for Spot Ethereum ETFs, Pal praised Dogecoin’s consistent outperformance of Bitcoin during every bull cycle, underscoring its prominent role in the crypto market. He also mentioned his efforts to persuade VanEck’s CEO to pursue a Dogecoin ETF.
Meme Coins Poised for Growth
As meme coins continue to gain prominence in the crypto market, speculation about the next big hit is rampant. During the interview, Hayes and Pal shared their perspectives on which meme coins could have the strongest narratives in the current market cycle.
Pal disclosed his investments in popular cryptocurrencies like Dogecoin but revealed that he was predominantly invested in Solana (SOL). In contrast, Hayes highlighted a more diversified meme coin portfolio, including investments in prominent meme coins like Bonk (BONK), Dogwifhat (WIF), and Dogecoin. He advised investors for 2024: “Be long, don’t sell, don’t get shook, and don’t use too much leverage.
