The United States exchange Nasdaq has asked regulators for permission to list a 21Shares exchange-traded fund (ETF) holding the popular memcoin Dogecoin, regulatory filings show. 

The move follows 21Shares’ April 10 filing of its initial proposal to launch its Dogecoin ETF, shortly after similar applications from rivals Bitwise and Grayscale. The asset manager has also sought regulators’ permission to list ETFs holding other cryptocurrencies, including Solana (SOL), XRP (XRP), and Polkadot (DOT). 

Nasdaq must gain approval from the Securities and Exchange Commission (SEC) before it can list and trade the fund. The request amounts to a regulatory review process that could determine whether Dogecoin becomes accessible to a broader range of investors through an ETF structure.

Crypto ETFs scheduled for SEC review. Source: Eric Balchunas/Bloomberg

Related: 21Shares files for spot Dogecoin ETF in the US

Onslaught of altcoin ETFs

Fund issuers requested to list dozens of altcoin ETFs after US President Donald Trump instructed the SEC to take a friendlier stance toward cryptocurrencies after his second term began in January. 

As of April 21, more than 70 crypto ETFs were awaiting the SEC’s review. The list includes alternative layer-1 (L1) native tokens, such as SOL and Sui (SUI), as well as memecoins such as Bonk (BONK) and Official Trump (TRUMP). 

While exchanges such as Nasdaq seek to list more crypto ETFs, they are also pushing for firmer US regulatory oversight of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name.”

Dogecoin network metrics. Source: Bitinfocharts.com

Dogecoin utility

Dogecoin (DOGE) is a popular memecoin with a market capitalization of nearly $26 billion as of April 29, according to CoinGecko. 

It is distinct from most other memecoins because DOGE is the native token of the Dogecoin network.

The proof-of-work blockchain network is designed as a faster, cheaper alternative to Bitcoin (BTC) for peer-to-peer payments.

It processed more than 40,000 transactions in the past 24 hours, according to data from Bitinfocharts.com.

In September 2024, blockchain developers QED Protocol and Nexus tipped plans to launch a layer-2 (L2) scaling solution designed to bring smart contracts to Dogecoin.

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

Key Takeaways:

Fidelity Digital Assets’ report said that multiple Ethereum onchain metrics suggest ETH trades at a discount.

The BTC/ETH market cap ratio is at mid-2020 levels.

Ethereum’s layer-2 active addresses hit new highs at 13.6 million.

Fresh data from Fidelity Digital Assets hints at a cautiously optimistic outlook for Ethereum, suggesting its dismal Q1 performance could be an opportunity. According to their latest Signals Report, Ether (ETH) dipped 45% during Q1, wiping out it post-US election gains after peaking at $3,579 in January.

The altcoin posted a death cross in March, with the 50-day simple moving average (SMA) dipping 21% below the 200-day SMA, reflecting bearish momentum. Yet, Fidelity noted that the short-term pain may swing in the altcoin’s favor. 

The investment firm pointed out that the MVRV Z-Score, which compares market value to realized value, dropped to -0.18, entering the “undervalued” zone on March 9. Historically, such levels have marked market bottoms, indicating that Ether “was looking cheap” compared to its “fair value.” The Net Unrealized Profit/Loss (NUPL) ratio also fell to 0, indicating “capitulation,” where unrealized profits equal losses, citing a neutral spot for holders. 

Ethereum MVRV Z-score. Source: Fidelity Digital Assets Signal report

ETH’s realized price, averaging $2,020, sits 10% above its current value, showing holders face unrealized losses. While this trend is bearish, the firm noted that a minor 3% drop in realized price versus a 45% decline suggests short-term holders sold off, while long-term holders held firm, possibly stabilizing the base price. 

However, the company highlighted that in 2022, despite ETH price dipping below the realized price, it continued to decline further before recovery. 

Fidelity also cited Ethereum’s market cap ratio to Bitcoin at 0.13, sitting at mid-2020 levels, and in a decline for 30 months.

Ethereum/Bitcoin market cap ratio. Source: Fidelity Digital Assets Signals report

Related: Ethereum price has several reasons to break $2,000 next

Ethereum ecosystem engagement records fresh highs

Data from growthepie.xyz indicated that the number of unique addresses interacting with one or two layer 2 networks in the Ethereum ecosystem reached a new all-time high of 13.6 million active addresses. The rate of active addresses is up 74% over the past week, implying the network’s scalability prowess and growing adoption.

Ethereum’s weekly engagement with layer 2 networks. Source: growthepie.xyz

Unichain, a new layer-2 protocol by Uniswap, led the charge with over 5.82 million weekly active addresses, surpassing Base and Arbitrum. The collective increase in active addresses improved Ethereum’s layer-2 dominance by 58.74% in the past seven days.

Anonymous crypto trader CRG noted that ETH price recovered a position above the 12-hour Ichimoku cloud indicator for the first time since December 2024. The Ichimoku Cloud indicates an uptrend when the price is above the cloud and the cloud turns green, indicating bullish sentiment.

Ethereum 12-hour analysis by CRG. Source: X.com

Related: Global central bank gold rush could spark Bitcoin price run to new all-time highs

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Cryptocurrency compliance firm Bitrace found that $649 billion worth of stablecoins flowed through addresses classified as high-risk in 2024, according to an April 29 report.

Bitrace defines high-risk blockchain addresses as those used by illegal entities to receive, transfer or store stablecoins.

Crypto compliance firms typically score crypto wallet addresses based on their likelihood of involvement in illicit activities. The higher the risk, the higher the likelihood of foul play, and the less likely compliant crypto businesses are to accept the assets.

Per the report, the amount accounted for roughly 5.14% of all stablecoin transaction volume in 2024. This is down 0.8% from 5.94% the previous year, but significantly higher than the 2.8% reported in 2022 and 1.63% in 2021.

Proportion of high-risk stablecoin transactions. Source: Bitrace

Related: Americans lost $9.3B to crypto fraud in 2024 — FBI

Tron USDT tops high-risk transactions

Tron-based USDt (USDT) dominates high-risk stablecoin transactions, with Bitrace data indicating that well over 70% of the volume moved on the network. The remaining high-risk stablecoin transactions are mostly Ethereum-based USDt and a small amount of USDC (USDC).

A likely explanation for the prevalence of USDT is likely due to its larger market capitalization and adoption compared with other stablecoins. At the time of writing, CoinMarketCap shows that USDt has a market cap of over $148 billion, while USDC stands at over $62 billion.

Tron’s prevalence is not as easy to explain. Ethereum remains the more popular choice for most stablecoin users, with DefiLlama showing nearly $124.3 billion worth of stablecoins circulating on the network. Tron ranks second, with about $71 billion — almost 43% less than Ethereum.

When comparing USDT balances alone, Tron holds slightly more than Ethereum: 47.4% of USDT supply, versus Ethereum’s 45.44%.

High-risk inflows by stablecoin type. Source: Bitrue

Related: Tether stablecoin issuer and Tron launch financial crime unit

Crypto gambling continues its rise

Bitrace also reported that in 2024, online gambling platforms processed $217.8 billion worth of stablecoins — a 17.5% increase over the previous year.

Once again, USDT also dominated this type of activity. Still, USDC’s market share is rapidly rising, clocking in at 13.36% in 2024.

Stablecoin inflows to gambling platforms. Source: Bitrue

The data follows recent reports that crypto casinos generated more than $81 billion in revenue in 2024, even as regulators in key jurisdictions continued to block access to the platforms, according to a new report.

Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express