Several asset managers in the United States are racing to launch spot Dogecoin exchange-traded funds (ETFs), but cryptocurrency investment firm Canary Capital is not joining in. Canary Capital CEO Steven McClurg explained that the firm has no plans to launch a Dogecoin ETF due to the coin's unlimited supply and lack of utility. Canary has already filed to launch spot funds based on Solana, XRP, Litecoin, and HBAR. McClurg emphasized that Dogecoin is designed to go down in value and steadily increase in supply, making it unsuitable for an ETF. In contrast, Solana offers more substantial utility as a utility token used for transactions and interactions on its network.



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