WisdomTree, a global asset manager overseeing around $113 billion in assets, has initiated the process for launching an XRP ETF. 

The firm recently filed for a trust entity in Delaware, a necessary precursor before submitting a formal application to the SEC.

Increasing Optimism for XRP ETF Approvals

This move positions WisdomTree alongside other asset managers entering the XRP ETF market. Bitwise filed for a similar product last month. The trust emphasized that it uses cold storage for most of its XRP holdings to ensure investor’s security. 

In October, Canary Capital also applied to launch a spot XRP ETF. The fund would track XRP’s price using a benchmark index, pulling data from regulated exchanges.

Now, WisdomTree has become the third, and potentially the largest asset manager to apply for an XRP ETF. Unlike Bitwise and Canary Capital, the proposed ETF aims to track XRP’s market performance. 

WisdomTree has yet to disclose an exchange listing or a ticker symbol for the fund.

“I have confirmed with the company this is a legitimate filing. Wisdom Tree has over $100 billion in assets under management,” FOX Business journalist Eleanor Terrett wrote on X (formerly Twitter)

Meanwhile, XRP has regained momentum in the bull market following Gary Gensler’s resignation from the SEC earlier this month. The token has surged by nearly 180% in November, reaching its highest price in over three years. 

The leadership changes at the SEC could shift the agency’s stance on digital assets. Ripple Labs’ legal challenges with the SEC have underscored the need for regulatory clarity, and Gensler’s departure might ease restrictions on XRP ETFs.

Ripple has consistently highlighted XRP’s potential for institutional adoption. The firm’s CEO Brad Garlinghouse previously expressed optimism about the eventual approval of an XRP fund. He called it an inevitable development for the asset class.

Furthermore, XRP is not the only digital asset looking for ETF approval after the success of Bitcoin and Ethereum ETFs. VanEck and 21Shares have also filed for Solana ETFs. The SEC currently has a deadline of January 6, 2025, to decide on these applications.  

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Billionaire and X owner Elon Musk posted a meme depicting Doge today. Although he directly referred to the Department of Government Efficiency, the meme asset Dogecoin also pumped briefly.

Is Musk deliberately trying to boost DOGE through these seemingly unrelated tweets? A recent class-action lawsuit against him directly addressed this possibility.

Elon Musk and DOGE

Today, there apparently exists a clear correlation between Dogecoin (DOGE), a prominent meme coin, and billionaire Elon Musk’s social media activity. Earlier, DOGE briefly began trending down until he posted a doge-centric meme.

This meme directly referenced Musk’s Department of Government Efficiency (D.O.G.E.), but the coin’s value nevertheless increased.

This DOGE price bump proved short-lived, but it was still a noticeable correlation. A clear question arises: was Musk deliberately trying to boost DOGE?

On several recent occasions, the value of this meme coin has risen after Musk’s social media posts. In September, he clearly posted about D.O.G.E., which also boosted the unrelated cryptoasset.

Ultimately, it is impossible to definitively understand Musk’s intentions with his post. Recently, all of Musk’s Doge-related statements have referred to the political project, not the cryptoasset. If he was trying to pump the meme coin’s value, he wasn’t very successful: this growth flatlined and dropped again within hours.

There is, however, an alternate plausible explanation for this behavior. Last week, Dogecoin investors dropped a class-action lawsuit against Elon Musk over this exact issue. These investors accused Musk of deliberately manipulating DOGE’s price since 2021, alleging fraud and insider trading.

“Elon Musk literally named a government department ’Doge’ so he can post about it again whenever he wants, without getting in trouble,” X account ‘Sir Doge of the Coin,’ said.

Musk is a documented meme aficionado who may have a Doge appreciation independent of the asset or agency. After all, the underlying meme has existed since 2013 and can exist outside either one of these two contexts.

However, if Musk has been accused of criminally manipulating Dogecoin prices with his posts, then D.O.G.E.’s name could be an easy solution. By naming the agency thus, Musk would have plausible deniability that he isn’t talking about the cryptoasset at all. Whether Musk is or isn’t signaling to DOGE traders, there’s no way to establish his actual intent definitively.