BitMex co-founder says Dogecoin ETF is possible in this cycle
Arthur Hayes explained why there is a huge possibility of Dogecoin spot ETF application & approval soon.
Arthur Hayes, co-founder and former CEO of BitMex, led the cryptocurrency derivatives platform to prominence before facing legal issues in 2020 related to anti-money laundering violations. In 2020, Hayes stepped down from the CEO role of BitMex.
Recently Arthur Hayes appeared in an interview with Coin Bureau, a prominent crypto-focused YouTube channel. In the interview, Hayes said that he expects a Dogecoin ETF might be introduced before the current bull cycle ends.
He noted that Dogecoin, the oldest meme Cryptocurrency, has already been made available on Robinhood, a San Francisco headquartered stock & crypto trading firm, in the United States.
Furthermore, he expressed his opinion that most of the current meme coins lack long-term cultural significance.
Also some other experts believe that Dogecoin could be part of the next wave of spot ETFs, following the Ethereum ETF. Analysts predict Dogecoin could soar 700%, reaching a $1.17 trade price. Current market trends and positive on-chain indicators back these exciting predictions.
Dogecoin price action
The current trade price of Dogecoin is $0.1369 & this trade price is -12% down over the last 30 days.
Here people need to understand that Dogecoin trading is in the top ten cryptocurrencies list because of the influence of Tesla CEO Elon Musk, who supported this cryptocurrency in 2020, in 2021 & also his company accepts Dogecoin payments for some merchs.
ETH, Sol, & meme tokens
As we know a couple of weeks ago, the United States Securities and Exchange Commission (SEC) approved multiple Ethereum spot ETF applications but trading approval is still pending status.
In the last few days, the majority of the crypto experts claimed that the next Crypto ETF product will be for Solana and after that, some meme coins may join the list.
Read also: SEC rejects Ripple’s effort to use the settlement of another crypto case
