Dogecoin prices rose on Friday, even if the launch of the US Exchange-Traded Fund (ETF) tied to Memecoin was delayed again, according to analysts at Bloomberg.
According to data from CoinMarketCap, DogeCoin (DOGE) has grown nearly 4% over the past 24 hours, reaching $0.2603 at the time of writing. The rise comes despite Bloomberg senior ETF analyst Eric Balknass saying that US doge ETF launches are again delayed on Thursday.
According to a Securities and Exchange Commission (SEC) filing on September 8, the Rex-Soprey Doge ETF (DOJE) was expected to list alongside official (Trump) ETFs from Bonk (Bonk), XRP (XRP), Bitcoin (BTC) and Trump.
Earlier this month, Doje ETF received approval under the Investment Companies Act of 1940. This is a framework that is commonly used for mutual funds and diversified ETFs. This sets it apart from Bitcoin ETFs approved under the Securities Act of 1933.
Balchunas told Cointelegraph that he learned of the delay directly from the company behind the ETF. He said the company did not share the reason behind the delay.
Analysts added that they hope that the ETF will have a “minimal” impact on Dogecoin’s prices. He explained that Bitcoin is interested in investors who cannot directly interact with crypto. He expects anyone interested in Doge will already have a Crypto Exchange account.
“The further you are from BTC, the less assets you have.”
Still, Balchunas said it expects four to five Dogecoin ETFs to be released in October or November. He said, “The more (Doge ETF) launches, the more they will move the needle.
Balchunas added that the ETF is different from most crypto ETFs released. He explained that it “is not actually a spot” because it doesn’t hold Doge directly and instead relies on Cayman Islands-based subsidiary and derivatives. This is necessary because the 1940 law requires diversification and limits single asset concentration.
Related: How much is the Doge Price higher when the DogeCoin ETF is approved?
Dogecoin ETF triggers speculation
This approval appears to be unprecedented. Balchunas said in X “I am confident this is the first ETF in the United States to hold anything that has no utility or purpose.”
The industry usually responds overwhelmingly positively to the approval of new crypto ETFs, but this case was somewhat different. A recent report highlighted that critics claim that the Memecoin Fund institutionalizes speculation and charges investors a fee that they can avoid by purchasing Dogecoin directly.
Related: Kucoin targets 10% of Dogecoin mining capabilities through a new mining platform
Doge attracts attention from the system
Dogcoin, the world’s first Memecoin, is gaining increasingly institutional attention. Reports Friday show Cleancore Solutions, aquatic manufacturer of ozone cleaning systems, has reached half of its targets for Dogecoin Theaury after purchasing a $130 million Doge this week.
The announcement follows the announcement that it will raise $175 million through Cleancore Solutions’ private property, and is spending revenue to win more Doge. The offer was successfully closed on September 5th two days after its announcement.
Also this month, Thumzup, a media corporation related to the Trump tribe, announced plans to acquire 3,500 Dogecoin Mining Rigs. The announcement described Memocoin as “one of the most widely held cryptocurrencies.”
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