The first US Dogecoin (DOGE) ETF is set to launch, sparking debate between those seeing it as a legitimacy breakthrough and others dismissing it as speculating. Unlike Bitcoin ETFs, the Rex-Osprey Dogecoin ETF (DOJE) gained approval under the Investment Company Act of 1940, requiring diversification. Critics argue that the memecoin fund institutionalizes speculation. Dogecoin has grown from a joke into a top-10 cryptocurrency. The approval of a Dogecoin ETF is controversial due to its memecoin nature. Critics argue that the fees charged by ETFs could be avoided by buying Dogecoin directly. Dogecoin’s tokenomics include unlimited supply, with about 5 billion new coins minted yearly. Dogecoin has often been in the mainstream spotlight, with Elon Musk’s tweets affecting its price. The SEC delayed its decision on the Bitwise Dogecoin ETF to Nov. 12. A Dogecoin ETF blurs the line between meme and market, challenging the industry to embrace speculation and culture. An ETF adds legitimacy for mainstream investors but critics argue it institutionalizes a meme and charges unnecessary fees. Rex-Osprey has more memecoin ETFs in the pipeline, including products tied to TRUMP, BONK, XRP, and SOL.

Read more at Cointelegraph: Dogecoin ETF Pushes Crypto Industry to Embrace Speculation