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Bitcoin Dogs (0DOG) is gearing up for a major token burn – the cryptocurrency’s first since its market debut in August.
Meanwhile, the US Securities and Exchange Commission has approved the first options for trading in US spot Bitcoin exchange-traded funds.
SEC approves options trading for IBIT
In a filing on September 20, the SEC gave a nod to options on the BlackRock iShares Bitcoin Trust (IBIT) ETF shares.
The product will be listed and traded on Nasdaq.
While the approval comes more than eight months since the SEC approved several spot Bitcoin exchange-traded funds in the US, market experts and analysts say this first greenlight for BlackRock’s IBIT will see more BTC options come to the market.
Nate Geraci, President of ETF Store, pointed out in an X post that despite there being no options trading, spot Bitcoin ETFs took in over $18 billion in assets. With the approval, things could heat up.
Remember, spot btc ETFs have taken in a net $18bil in 8 months… With no options trading, no in-kind creation & redemption, & limited approval on major wirehouse platforms (plus no access on Vanguard). Monumental success w/ one hand tied behind back.
Meanwhile, Eric Balchunas, senior ETF analyst at Bloomberg, believes SEC’s nod to options for IBIT is a “huge win” for the crypto industry.
Balchunas said the approval could attract more institutional money into the sector.
When is Bitcoin Dogs’ first 0DOG burn?
In less than three days, Bitcoin Dogs will undertake its first 0DOG token burn.
With staking live, and listing on exchanges, including on Gate.io and MEXC, achieved, the token burn is the project’s next major milestone.
Burning permanently removes tokens from circulation and often works as pointers to potential long-term value increases for the asset.
0DOG, which has gained alongside Bitcoin and other meme coins, could pump ahead of the first burn on September 24, 2024.
Such events often generate a lot of hype, which means traders eyeing a potential opportunity are likely to scoop more 0DOG.
Could Bitcoin Dogs be a BTC beta play?
Bitcoin Dogs is one of the cryptocurrencies looking to ride the growth potential in the Bitcoin ecosystem.
GameFi and NFTs are major opportunities in this space, which Bitcoin Dogs outlines with a play-to-earn game and 10,000 unique Ordinals NFTs.
The Bitcoin Dogs project also makes a case for itself by being the first-ever ICO on Bitcoin.
0DOG spiked after the launch of the Bitcoin Dogs liquidity pool. Price could surge further amid positive catalysts. But could it be one of the BTC beta plays?
SEC’s approval of spot BTC exchange-traded funds in January – after stalling for several years – coincided with a sharp surge in Bitcoin price.
As well as the halving hype, inflows into spot ETFs by BlackRock, Fidelity, Franklin Templeton and other asset managers proved a key catalyst to BTC’s spike to $73,000.
0DOG is also making inroads in the P2E market through Telegram integration, keen to tap into the messaging app’s over 950 million users.
This is an ecosystem that has driven projects such as Hamster Kombat and Catizen to huge adoption.
The anticipation that Bitcoin will continue to rise amid further adoption, and Telegram mini-apps rise could be a huge boost for Bitcoin Dogs.
0DOG price hovers around $0.009.
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