Dogecoin has surged over 5% in the last 24 hours, reaching $0.16 and securing an eighth-largest ranking in cryptocurrencies. Suki Yang of LMAO highlighted Dogecoin’s cultural impact, asserting it’s evolved beyond just a meme. With asset managers seeking to launch Dogecoin ETFs and potential SEC approvals on the horizon, the market demonstrates increasing interest in cryptocurrency assets.
Dogecoin, the original meme coin, has experienced over a 5% increase within the last 24 hours, now trading at $0.16. This surge has also elevated its market capitalisation to approximately $24 billion, ranking it as the eighth-largest cryptocurrency overall. Other significant cryptocurrencies like Bitcoin and Cardano have risen about 4.5%, with Ethereum, XRP, and Solana witnessing more modest gains.
Suki Yang, founder of the meme coin platform LMAO, commented on Dogecoin’s evolution, stating it has transcended its meme origins to become a symbol of cultural value and recognition. He believes that many non-crypto individuals view Dogecoin as their primary and often sole acquaintance with meme tokens, facilitating its rise in popularity.
Yang, formerly a data scientist at Electric Capital, noted that the meme coin sector is evolving, positioning Dogecoin as the “bitcoin of memes” and emphasising the necessity of cultural relevance in attracting liquidity within the crypto market. He stated, “Meme coins reveal a fundamental truth about crypto: desirability surpasses utility; attention drives liquidity.”
The current rally of Dogecoin aligns with actions taken by crypto-focused asset managers such as 21Shares, Bitwise, and Grayscale, who are moving forward with plans to introduce spot Dogecoin ETFs in the US market. Eric Balchunas, a senior ETF analyst at Bloomberg, remarked on X about the 72 crypto-related ETFs currently under SEC review, hinting at a dynamic year ahead for the sector.
Furthermore, on the prediction markets platform, Polymarket, users estimate a 19% chance that the SEC will approve a Dogecoin ETF by July 31, with a greater 50% probability suggested for potential approval in 2025. Reports from Kaiko Research have indicated that XRP ETFs may be more likely to receive SEC approval in the near term.
