Why Dogecoin Is Soaring Higher Today
The cryptocurrency Dogecoin (CRYPTO:DOGE) is trading higher on Friday. The meme coin was up 7.5% as of 3:35 p.m. ET from yesterday at 4 p.m. ET. The gain comes as the S&P 500 gained 0.4% and Bitcoin gained 2.5%.
The upward move was driven by the Securities and Exchange Commission's (SEC) announcement that it had received an application from the asset manager Greyscale to create a Dogecoin exchange-traded fund (ETF).
Although Greyscale's intention to create a Dogecoin ETF was already known, the SEC's formal acceptance of the application starts the clock on its review process. The regulator will now have until mid October to deliver a verdict. Dogecoin is not alone; the SEC is also considering ETFs for XRP, Solana, and others.
Source Fool.com
