The race to launch altcoin and meme coin spot ETFs is heating up, with a mind-blowing 72 filings so far, including ones for dogecoin, XRP, and $TRUMP. However, not all of these have an equal chance of approval.

The race to launch altcoin and meme coin spot ETFs in the U.S. is heating up, with a mind-blowing 72 filings so far.

While most applications, ranging from XRP to Dogecoin, will likely find their way to approval thanks to the crypto-friendly new administration, their influence will pale in comparison to Bitcoin’s, according to Alexander Blume, CEO of Two Prime.

“These assets are highly speculative and possess no real value. Institutional investors won’t be easily fooled by the ETF wrapper,” he noted.

To provide some context, the SEC approved bitcoin ETFs just over a year ago, in January 2024. Bitcoin spot ETFs have already experienced remarkable success and just had their best week yet, with inflows amounting to a staggering $3.2 billion.

Earlier this week, Nasdaq (NDAQ) applied to list and trade the 21Shares Dogecoin ETF with the SEC. House of Doge, the corporate arm of the Dogecoin Foundation, is also launching a bid for a Dogecoin ETF with the SEC in tandem with 21Shares.

Meanwhile, the SEC postponed several ETF decisions, including those for XRP, Dogecoin, Polkadot, and Solana ETFs. The commission also delayed its ruling on whether to permit staking (locking up coins to earn rewards in return for aiding in securing the blockchain) for the Franklin (NYSE:BEN) Templeton Ethereum ETF.

“The Commission deems it appropriate to set a longer period of time from today within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said in its filing. The new date for next steps is June 15, while most final deadlines for approvals will be due in October.