Arthur Hayes sees a bigger future for Dogecoin and predicts an ETF for the popular memecoin will be approved in this cycle.
In an interview on Sunday, Arthur Hayes and Raoul Pal revealed their favorite memecoins and expressed beliefs that a Dogecoin Exchange-Traded Fund (ETF) will be introduced soon. Undoubtedly, the introduction of Bitcoin and Ether ETFs raises the optimism of crypto users in establishing ETFs for other popular and high market-cap cryptocurrencies.
Hayes Sees Dogecoin ETF Soon
Hayes, a co-founder of BitMex, has expressed solid belief in the future of many memecoins, mentioning that they will make significant progress in this crypto cycle.
Explaining how easy and accessible memecoins is to trade even for amateur crypto users, he said, “For the person who has just been initiated into crypto, it’s literally the easiest thing to understand. I don’t need to understand blockchain, AI, crypto, and cryptography.”
He explained that the crypto market would get crazier as the U.S. Treasury and Federal Reserve circulated more cash.
Hayes outlined that Dogecoin has survived in the crypto industry for a long time. Hayes said, “It is the oldest memecoin. It is on Robinhood.” He explained that the memecoin’s long-term existence, high market capitalization, and popularity could influence the possibility of its ETF.
Supporting Hayes, Pal, CEO of Real Vision, revealed that some of his crypto portfolios are locked up in Dogecoin, Bonk, and other Dog-themed memecoins.
A key factor driving optimism in the approval of a Dogecoin ETF is Elon Musk’s support for the memecoin. The financial giant is known for solidly backing Dogecoin more than any other digital currency.
Considering Musk’s support, crypto users see the possibility of Musk adopting Dogecoin as a payment method for his newly acquired company X (formerly Twitter), which has more than 450 million users. Such adoption will increase Dogecoin’s utility and chances of being approved as an ETF.
Before Hayes’s prediction on Sunday, Javon Marks, a famous crypto analyst, predicted a massive surge for Dogecoin. Showing a chart on X, he has said that the meme coin may soon break out of its current zone to increase by more than 7500%, possibly touching the $12 and $17 range.
