Canary Capital CEO Steven McClurg announced that his firm will not launch a Dogecoin ETF, despite the growing interest in cryptocurrency ETFs. He cited Dogecoin's unlimited supply and lack of utility as primary reasons for this decision. Unlike Dogecoin, other cryptocurrencies like Solana (SOL) have defined utilities, such as enabling transactions and interacting with decentralized applications. While meme coins like Dogecoin have gained popularity and loyalty from holders, including notable backers like Elon Musk, McClurg indicated that they lack practical applications compared to other coins. His firm has applied to launch spot ETFs for XRP, Solana, and other assets, reflecting a strategy aligned with the recent shift towards more crypto-friendly regulations in the U.S. McClurg expressed that entering the Dogecoin ETF market doesn't align with his firm's objectives, as they focus on assets with substantial utility and technological grounding.

Source đź”—