The filings refer to Bitwise’s DOGE ETF and Franklin Templeton’s XRP ETF, respectively. On the same day, Nasdaq also submitted a request to list a 21Shares Dogecoin ETF.

High Market Cap, But Mixed Demand

As of April 29, Dogecoin had a market capitalization of around $26 billion, making it the world’s most traded memecoin. Meanwhile, XRP, the native token of the XRP Ledger, holds a market cap of about $133 billion, according to CoinGecko.

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The SEC is currently reviewing roughly 70 crypto ETF proposals as of April 21. Bloomberg analyst Eric Balchunas noted that the range of proposed funds includes everything from XRP, Litecoin, and Solana to niche tokens like “Penguins” and “2x Melania.”

Analysts: Bitcoin and Ethereum Remain Core

Despite the surge in filings, analysts warn that investor appetite may remain focused on core assets like Bitcoin (BTC) and Ethereum (ETH). As Balchunas put it, “Getting ETF-ized is like getting your music on all streaming platforms — no guarantee of listens, but increases exposure.”

In a comment letter dated April 25, Nasdaq urged the SEC to apply equal regulatory standards to digital assets, especially those that resemble traditional securities.

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