Dogecoin Cheers Debut Of ETF That Aims To Multiply Its Returns: 'Much Congrats'

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Dogecoin (CRYPTO: DOGE) cheered the launch of a new exchange-traded fund on Wall Street on Thursday that aims to provide leveraged exposure to the popular meme coin.

Leveraged ETF For DOGE

Dogecoin’s official X handle reacted to the debut of the 21Shares 2x Long Dogecoin ETF on the Nasdaq stock exchange. An image showed a billboard displaying congratulatory messages from the exchange, with a stylized Shiba Inu dog at the bottom.

“Much congrats,” Dogecoin said.

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The 21Shares 2x Long Dogecoin ETF, operating under the ticker TSSD, is designed to provide investors with twice the daily performance of Dogecoin, before fees and expenses.

“The ETF allows investors to gain leveraged exposure to Dogecoin through a regulated, exchange-traded structure that can be purchased directly through their bank or broker,” according to a press release from 21Shares.

Dogecoin investors were also expecting the launch of Grayscale’s ETF, which is designed to track the spot price of the leading memecoin.

See Also: Fast Company Calls It a ‘Groundbreaking Step for the Creator Economy' — Investors Can Still Get In at $0.86/Share

DOGE Not Over The ‘Moon’

Despite the anticipation, DOGE’s price tumbled on Thursday, weighed down by the market’s overall gloom.

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Sell” signal for DOGE, according to TradingView.

The Relative Strength Index was approaching the oversold level, indicating that there was still time for a possible rebound.

Photo Courtesy: alfernec on Shutterstock.com

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