Valour confirmed Dogecoin ETP debut on Sweden’s Spotlight Stock Market to broaden access to multi-billion dollar memecoin.
The DeFi Technologies subsidiary Valour revealed a Dogecoin-based exchange-traded product (ETP). The Tuesday, November 26 announcement considers the Dogecoin ETP to broaden access to the multi-billion dollar token in Sweden.
The Canadian firm subsidiary disclosed that the product will be traded as The Valour Dogecoin (DOGE) SEK. Such is the first-ever option for the investors to have secure and simplified exposure to the DOGE.
Valour’s DOGE ETP Listed
Valour revealed in its official statement that the product was listed on the Spotlight Stock Market. Its introduction within the Nordics region is a key milestone for Valour in its mission to democratize access to crypto assets.
Valour’s product executive, Elaine Buehler, was delighted to offer the regulated product to the investors. Besides, the ETP captures the utility of Dogecoin’s positioning in the dynamic market space.
The product listing in Sweden is a critical achievement, considering the US investors have limited access to products, exposing them to the spot price of crypto assets. With Dogecoin’s entry into the spot ETPs for Bitcoin and Ethereum, asset managers could expand their bids beyond Solana and XRP.
Unlike the thousands of entities and ETFs listed on the exchanges domiciled in the US, the Spotlight Stock Exchange has a relatively small roster. Since its establishment in 1997, the platform has listed 25 ETPs and 125 stocks.
The Valour executive heading Nordics, Johanna Belit,z hailed the surge in DOGE to the re-election of Donald Trump. The proximity of Elon Musk to Trump is bolstering the meme coin king. Musk is a leading supporter of Dogecoin and recently renewed interest via the proposed establishment of the Department of Government Efficiency (DOGE), which he co-leads.
The listing of Dogecoin ETP expands Valour’s access to single-coin products. In the past, the company offered access to products that expose investors to Solana (SOL), Uniswap (UNI), Toncoin (TON), and Sui (SUI).
Bullish Outlook for Dogecoin Price
The provision of Dogecoin ETP coincides with a period when DOGE has sustained an upward trajectory since the re-election of Donald Trump. The price action caught the market analyst DonAlt to suggest Dogecoin could mirror the XRP uptrend.
The recent insights by the expert trader DonAlt profile Dogecoin as a budget version of XRP to predict that the price could mirror the recent upsurge. The analyst shared via X (formerly Twitter) accompanying charts showing the price trajectory of XRP and Dogecoin since the onset of this month.
Dogecoin emerged among the earliest beneficiaries of Donald Trump’s victory, likely from the pro-crypto stance adopted by the Republican campaign. The leap attained by Dogecoin is the party from Elon Musk links, who contributed immensely to the Trump victory.
The charts show Dogecoin realized an impressive spike, rallying from $0.1513 on the eve of the November 5 election to a peak of $0.4389. The 190% surge in a week elevated Dogecoin to levels last seen in June 2021.
Despite the huge leap, Dogecoin bulls encountered immense resistance at $0.4389, which triggered a decline to the $0.3401 range. The bulls’ resilience has firmly defended the $0.34 territory to hedge against further steeper pullback.
The bulls’ tug of war with the bears has resulted in an impasse, leaving Dogecoin to consolidate within the $0.34 – $0.43 range for ten days. Market analysts term the pullback as temporary instead of anticipating an imminent breakout.
A comparative scrutiny of the daily XRP chart shows that XRP’s price action is similar to Dogecoin within the same timeframe. For context, the XRP surged 150% from the $0.503 price on November 5 to a three-year peak at $1.26 on November 16. However, it would suffer a slight slump that ended with XRP trading in a four-day range.
Following news of Gary Gensler’s exit as SEC Chair, the XRP would stage a sharp rebound on November 21 to attain 12.9% intraday gains. While the momentum cooled off, XRP is still 30% up in the past week to sustain the $1.4 to $1.5 price range.
Can DOGE Replicate XRP Breakout?
DonAlt insights indicate Dogecoin is on course to replicate price movements as XRP. At press time, Dogecoin is within the $0.40 range, with a bullish move possible given that it is 2.8% up over the past 24 hours.
The Dogecoin replicates the bull flag on the daily chart, similar to XRP. The pattern emerges as the crypto asset prepares for sharp gains to end the consolidation.
The XRP broke the consolidation with a 34.5% gain within three days. A similar uptick for Dogecoin could propel the meme coin above the $0.56 milestone. It would set the DOGE towards the $1 price level and beyond.
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