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Triumph of supporters – a bottom-up financial revolution In the eyes of supporters, the launch of the Dogecoin ETF is a great victory for the bottom-up community force. It eloquently proves that in the world of Web3, the social consensus and cultural values of a large, loyal, and active community are no less important than complex technical white papers or grand business plans. The final victory of community power Maja Vujinovic, head of digital assets at FG Nexus, noted that Dogecoin's ability to get ETF approvals ahead of other altcoins clearly demonstrates "the community's ability to push assets into a compliant financial structure." This is no longer just a game dominated by the tech elite or venture capitalists, but a successful reverse output of popular culture forces to Wall Street and regulators. It validates a core concept of Web3: value can be co-created and defined by users and communities, rather than given by centralized authorities. From this perspective, DOGE ETFs are an important embodiment of the spirit of democratization in crypto. Tested resilience and strong brand effect Unlike countless "serious" projects that have zeroed out in a bear market, Dogecoin has stood tall through many brutal market cycles since its inception in 2013. This "unbeatable" resilience has won it wide market trust. With the continued attention of celebrities such as Elon Musk, Dogecoin's brand recognition has surpassed even the vast majority of blockchain projects, becoming one of the most recognizable cultural symbols in the crypto world and the first "mascot" for many outsiders to recognize cryptocurrencies. Proponents believe that this strong brand effect and cultural consensus is a scarce and valuable asset in itself. A unique "technical pedigree" An often overlooked technical detail is that Dogecoin is fundamentally different from other meme coins (such as SHIB, PEPE) - it is based on the same proof-of-work (PoW) consensus mechanism as Bitcoin. Investment expert Ganesh Mahidhar pointed out that this means that Dogecoin's value has a "cost floor" consisting of the real-world energy (electricity) and hardware consumed to produce it. Meme coins based on proof-of-stake (PoS) lack this value anchor connected to the physical world. In the "useless" world of memes, this "bloodline" of the same origin as Bitcoin unexpectedly provides a unique layer of technical "legitimacy" for Dogecoin. The regulatory paradox – a stricter protection law The most intriguing and counterintuitive aspect of this debate is the unique regulatory framework for Dogecoin ETFs. Unlike Bitcoin spot ETFs, which are considered "commodities" under the Securities Act of 1933, DOGE ETFs were approved under the Investment Company Act of 1940. This seemingly small difference makes a fundamental difference. The 1940 Act is commonly used for mutual funds, which has stricter requirements for fund diversification and governance. This means: Stronger investor protection: Ironically, this "joke coin" ETF has a stronger investor protection and governance framework than the "serious" Bitcoin ETF in terms of regulatory structure. Non-pure spot holding: To meet diversification requirements, DOGE ETFs cannot directly hold DOGE spot 100% like Bitcoin ETFs. It needs to gain exposure through more complex, indirect methods such as setting up a Cayman Islands subsidiary and using derivatives. This makes it less accurate at tracking spot prices than Bitcoin ETFs, adding to the complexity of the product. Identity in the crypto world The launch of the Dogecoin ETF does not ultimately answer the question of whether Meme is a serious market. But it clearly shows that regulators and Wall Street are willing to treat it as a serious financializable asset. This incident is like a mirror reflecting the profound identity crisis of the crypto world: is the industry trying to build a new financial system that is more efficient and decentralized, or is it about providing a global speculative market full of cultural and entertainment attributes? The birth of the Dogecoin ETF seems to declare that the two can go hand in hand. In any case, the floodgates have been opened. There are still more than 90 crypto ETPs on the SEC's pending list, including not only mainstream altcoins such as SOL and XRP, but also new generation meme coins such as PENGU, TRUMP, BONK, etc. Blurring the lines between financial innovation and pure entertainment, the Dogecoin ETF is both a triumphant penetration of crypto culture into the traditional world and the ultimate embodiment of the crypto spirit by Wall Street. This debate about the soul of the crypto world has just begun.