Dogecoin, the famously meme-inspired cryptocurrency backed by Elon Musk, has taken a significant leap into the world of traditional finance.

Zurich-based financial firm 21Shares has launched the world’s first Dogecoin Exchange-Traded Product (ETP), marking a new chapter in the digital asset’s evolution from internet joke to legitimate financial instrument.

ETF Filing Signals Broader Plans for DOGE

The Dogecoin ETP on SIX Swiss Exchange lets investors access cryptocurrency positions directly instead of having to navigate crypto exchange platforms or private key management. The ETP investment shares represent actual Dogecoin held in custody to provide both institutions and buyers a safe authorized investment product.

21Shares showed support for crypto-decentralized assets by applying for both a Dogecoin ETF and releasing a Dogecoin ETP after the firm. The proposed ETF will follow DOGE performance statistics while staying away from leverage and derivative instruments.

21Shares Debuts Dogecoin ETP on Swiss Exchange

According to 21Shares, it launched this ETP to help customers buy Dogecoin through regular stock and ETF trading platforms. By joining mainstream financial infrastructure, the product creates details that build faith in a digital asset that once stayed mainly online.

Both partners, House of Doge and the Dogecoin Foundation, joined forces to make the launch happen. Their organization acts as a nonprofit founded in 2014, which supports DOGE’s growth and charity programs. The foundation backing helps people see that Dogecoin is reaching new development levels that match its grown-up status.

Dogecoin Price Sees Uptick Amid ETP Buzz

The cryptocurrency community members show divided reactions to this news. Some people realized this step as a major event, while others felt that such products as ETPs did not match Dogecoin’s nature.

The new development reactivated investors’ interest in DOGE, even with all the arguments happening. According to CoinMarketCap, Dogecoin stood at $0.1583 for a 0.59% increase during the previous 24 hours and generated $559 million in trading activity. Even with its strong performance, the crypto asset saw a 21% withdrawal in value due to market instability.

21Shares Debuts Dogecoin ETP on Swiss Exchange

Data reveals that major DOGE holders purchased 800 million coins worth over $128 million during a two-day period. Market experts see buying pressure from institutional investors entering the landscape of memecoin.

Since the ETP went online, market experts predict what expanded participation in DOGE can achieve. However, crypto market behavior remains unpredictable despite more investors being able to use finance services to buy tokens.

This first Dogecoin ETP launch shows an important progress for both Dogecoin and how digital currencies connect to established financial markets.