Valor launches DOGE ETP for the first time
Cryptofunder Valor has launched its first exchange-traded currency (ETP) for Dogecoin (DOGE), the popular memecoin, announced Valor's parent company Defy Technologies on November 26.
The ETP will trade on Sweden's Spotlight Stock Market, giving retail and institutional investors access to the world's largest memecoin by market capitalization in a regulated fund wrapper, Vallar said.
The asset manager launched the Valor DOGE ETP[i]n recent light [United States] The results of the presidential election and the subsequent increase in demand for Dogecoin […] Backed by influential people like Elon Musk,” Johanna Belitz, head of Nordics at Valor, said in a statement.
Source: Dogecoin
The crypto market surged following Donald Trump's victory in the US presidential election, with many believing his victory would be good for the industry, according to a Cointelegraph survey.
Meanwhile, the memecoin market has become one of the fastest growing sectors in the crypto space in 2024.
Memecoin platform Pump.fun has been one of this year's hidden success stories, playing a major role in the rise of the Solana (SOL) blockchain network.
Originally launched as a satirical commentary on BTC in 2013, DOGE now commands a total market capitalization of $55 billion, according to CoinMarketCap.
Dogecoin operates on its own proof-of-work (PoW) blockchain network, similar to Bitcoin but with computationally rigorous transaction verifications and no upper limit on the total supply of Dogecoin. Dogecoin does not support smart contracts.
It is widely regarded as the first memecoin but is also used for micropayments and tipping.
Source: CoinMarketCap
On November 15, traders dropped the 2022 class-action lawsuit against Elon Musk and Tesla through media and social media posts.
In the year On November 26, Binance's former CEO Changpeng “CZ” Zhao urged the crypto community to shift its focus away from memecoins and build “real” blockchain applications.
Valor's parent company, DeFi Technologies, manages approximately $600 million in assets across a variety of crypto-native strategies.
On July 17, Valor launched an ETP for the protocol's near-native token, near. It is also traded in the Swedish Spotlight market
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