Why Won’t This ETF Issuer Touch Dogecoin Amid Solana and XRP Fund Programs?

In recent weeks, many asset managers have been calling for the release of spot Dogecoin ETFs in the US exchange-traded fund industry.

But at least one bank supplier isn’t hopping into the Doge-pile. The Shiba Inu-inspired image gold is a bark and no bite for Coral Capital, a company that invests in cryptocurrency.

Steven McClurg, the CEO of Canary Capital, told Decrypt this week that his company has no plans to launch a area Dogecoin ETF, citing both the electric currency’s limitless supply and lack of usefulness.

Following President Donald Trump’s transition to a more modern asset-friendly program, the organization is one of several issuers trying to increase its crypto-based investment offerings. Canary has previously filed to start position funds based around Solana, XRP, Litecoin, and HBAR—but McClurg said the agency won’t add the DOGE ETF battle.

” I have a hard time putting]Dogecoin ] in an ETF wrapping, because the gold is actually designed to come down in price and continually increase in offer”, McClurg told .

” There’s no constrained supply it, so you’re basically putting something in an ETF wrapping that’s designed to go towards zero”, he added.

Dogecoin is the eighth-largest crypto by business cover, CoinGecko data shows. It is trading around a price of$ 0.25 as of writing time, down by nearly half since it climbed to a three-year-high price of$ 0.48 in December. &nbsp,

Doing so effectively displaces other cryptocurrencies like Bitcoin and XRP in its absence of a strict provide control. Mine on the Dogecoin bitcoin yields 10, 000 DOGE per wall, with collected tokens being added to the ever-expanding entire offer.

Granted, there are other stores that have unlimited key items, including Solana—another advantage that Canary aims to launch a account for. But there’s a vital difference in his view: power.

As a power gift, SOL is used to pay for purchases on the Solana system. Popular joke coins like Official Trump, BONK, and Dogwifhat can be traded using the system and its local coin. However, the token is also used to communicate with distributed applications, plus a growing variety of games on the system.

Meme cash, by contrast, are famed for their lack of utility—and Dogecoin, the original image gold that was created as a joke again in 2013, exemplifies that attitude also. Similar to what has happened with Bitcoin, die-hard DOGE fans have implemented protocols to establish image coins and collectibles on the network, but they are specialty offerings with a constrained person foundation.

Dogecoin has accumulated a large number of devoted users, some of whom are well-known. Tesla founder Elon Musk is an ardent Dogecoin supporter, and he defended the cryptocurrency’s unique tokenomics last November, writing in an X post:” I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug”.

Encouraged by the token’s loyal fanbase, some asset managers have applied in recent weeks to roll out exchange-traded funds that track Dogecoin’s price. Following the example of asset managers Osprey and Rex Shares, Bitwise filed last month to launch a Dogecoin-based fund. Prior to filing with federal regulators, Grayscale filed a petition to convert the fund into a spot ETF. &nbsp,

More broadly, investment firms have pumped the gas on efforts to launch new crypto-based ETFs for U. S. investors, with issuers filing to offer funds based on a wide range of cryptocurrencies such as XRP, Solana, Official Trump, and Bonk.

The applications come as a result of a number of policy and regulation changes in the U.S., including the appointment of a new, pro-crypto Securities and Exchange Commission chairman. Commissioner Hester Peirce claims that the regulator must work out of a “mess” created by the previous administration and that the SEC has also established a crypto task force.

Issuers are hopeful that the federal regulators will approve a slew of crypto-based investment vehicles in the upcoming years in the wake of the approval of the spot Bitcoin and Ethereum ETFs last year.

McClurg defended Canary’s filing of a Solana ETF because SOL had greater utility than DOGE, but he acknowledged that the firm wasn’t focused enough on it.

” It’s like,’ Hey, well, if we’re doing these other ones, we might as well jump in and get in on the action if something happens,'” McClurg told of its SOL ETF filing.