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*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 14th February 2025.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
XRP, DOGE Pop As ETF Timers Start Ticking
Major coins were tinting a tad green as of today, Valentine's Day, at 7:37 a.m. (EST) following a hearty session yesterday on Wall Street. Bitcoin is doing a sideways, inconsequential lurch. Impossible not to notice, though, are the 24-hour price surges turned in by Dogecoin and XRP. The latter, on a shot of ETF news, rose 10% since this time yesterday. XRP reached $2.72, a mark that sits on the higher end of XRP's seven-day range. The No. 3 coin has drifted as low as $2.34 in that same span, per CoinGecko.
Markets seem to be cheering Grayscale's bid to launch the first-ever publicly traded spot XRP fund. The effort has traction as the proposed vehicle is now officially slotted into the SEC's procedural starting gate.
The same situation applies to DOGE. As in, an application for the launch of a publicly traded DOGE fund has been acknowledged and made public by the federal regulator. DOGE gained 5% in 24 hours to hit nearly 27 cents.
DOGE is the 8th-largest coin with a market capitalization close to $40 billion. It is not to be confused with the Elon Musk-led Department of Government Efficiency, or DOGE.
Grayscale, earlier this month, established a DOGE trust (a structured product prone to illiquidity and exit hurdles) with the intention of converting it to a liquid, freely traded ETF. Yesterday's filing, a 19b-4, outlining conversion plans and a vision for specific innerworkings, sets the stage for the creation of the first-ever ETF based on a memecoin. The proposal now awaits formal publication in the Federal Register, provided the Federal Register doesn't get eliminated as part of Musk's sweeping overhaul.
What's down
Some Memecoins Sing The Blues
It's hardly a Valentine's Day massacre but there's a sense of lost love out here in superficial cryptoland. A kind of lonely-heart's club has formed in memedom with a band of tokens — cute with personality — getting cruelly ghosted this week. These include BRETT (-6.6% in the past seven days), GOAT (-8%) and WIF (-6.3%). Much like the entire meme category, SHIB and FLOKI are pretty much flat over the past day. Although each is solidly green on the week.
Meanwhile, several bigger-cap memecoins (e.g. BONK, PEPE and TRUMP) are solidly green on a daily and weekly time frame.
The latter, a commemorative, tokenized representation of the 45th and 47th U.S. president, is CoinGecko's 39th-largest digital asset; TRUMP over three weeks is down 74% from its all-time high of $73.
What's next
The XRP Waiting Game Is Afoot!
On Thursday, the SEC published details of NYSE Arca's proposal to list shares of the Grayscale XRP Trust which is to be converted into an ETF. Previous regulatory trepidations about XRP market structure issues were addressed head on.
The proposed product is designed to track XRP's spot price via the CoinDesk XRP Price Index (XRX). Grayscale will source XRP prices from U.S.-compliant trading platforms bound by strict standards, including anti-money laundering (AML) and know-your-customer (KYC) requirements, the firm said in the filing, per Decrypt.
Detailing safety rails to prevent market manipulation, the filing describes a method of mitigating exposure to distortions coming from any individual trading platform that experiences periods of unusual activity, Decrypt said.
The filing also addressed details surrounding "authorized participants," or "APs," a term referring to an idiosyncratic, opaque segment of the capital markets: ETF-issuer-designated facilitators of overall fund upkeep, or what is known in the ETF business as the "creation and redemption" process which is not far removed from sausage making.
Suffice to say that by implementing a creation/redemption process where APs deal "exclusively in cash rather than directly handling XRP," the proposed fund, as Decrypt pointed out, seeks to provide a clean, well-lit path for institutional investors.
James Seyffart, Bloomberg's ETF analyst, gives the Grayscale XRP ETF proposal a 60% chance of coming to fruition.
With the relevant Form 19b-4 officially on file with the SEC — and assuming the filing does make it into the Federal Register — the clock then starts to tick in terms of a review period that would last at least 45 days, but which could stretch to as long as 240 days, pushing the timeline out to, potentially, October or November.
