Nasdaq Seeks Approval For Dogecoin Etf Amid Altcoin Etf Surge

The Nasdaq exchange has applied for regulatory approval to list a 21Shares exchange-traded fund (ETF) that includes Dogecoin (DOGE), a popular meme coin. The filing, revealed recently, follows 21Shares' initial Dogecoin ETF application on April 10. This move aligns with similar applications from competitors like Bitwise and Grayscale. 21Shares has also sought approval for ETFs holding other cryptocurrencies like Solana (SOL), XRP, and Polkadot (DOT). As of April 21, over 70 cryptocurrency ETFs are under review by the SEC. These proposed ETFs include layer-1 chain tokens like Solana and Sui (SUI), as well as meme coins such as Bonk (BONK) and Official Trump (TRUMP). While pushing for cryptocurrency ETF listings, exchanges like Nasdaq are urging the SEC to regulate digital assets using standards similar to securities. In a comment letter submitted on April 25, Nasdaq argued that assets functionally equivalent to stocks should be subject to the same regulations as securities. Dogecoin's market capitalization reached approximately $26 billion as of April 29, according to CoinGecko data. Unlike other meme coins, Dogecoin is a native token issued on its own blockchain network, designed as a faster and lower-cost peer-to-peer payment method than Bitcoin (BTC). Data from Bitinfocharts indicates that over 40,000 Dogecoin transactions were processed in the last 24 hours. In September 2024, the QED Protocol and Nexus developers unveiled a layer-2 scaling solution to introduce smart contract capabilities to Dogecoin.