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All Eyes on the Federal Reserve
ETFS Multi-Asset Weekly All Eyes on the Federal Reserve
Tin prices rebound from six year low.
Chinese bourses climb on stimulus hopes.
EURJPY in focus as BOJ meets ahead of Eurozone inflation.
The week’s Federal Open Market Committee meeting to decide on US rates will not be followed by a press conference. The market will therefore remain very attentive to FOMC member speeches and public engagements to glean any information about the possible path of rate increases this year. As a result, we expect no surprises, which will keep USD gains capped. Elsewhere, continued Greek bailout negotiations will likely weigh on European bourses and keep volatility high. The rising animosity between the Greek Finance Minister and his EU counterparts has increased the risk of an accident in negotiations.
Commodities
Tin prices rebound from six year low. Tin prices witnessed a 3.4% weekly gain, after having declined by 40% since April last year. Tin prices have come under significant pressure following the appreciation of the US Dollar and burgeoning production of tin ore from Myanmar. The sharp increase in price came as the largest tin producer in Indonesia, the world’s top exporter, announced that it would be cutting production in the face of price weakness. In emissions markets, the price of carbon allowances rose 5.5% as progress was made toward relieving the current oversupply of allowances in the EU Emissions Trading Scheme (EU ETS). The conclusion of the US winter and its associated seasonal heating demand weighed on the natural gas price this week. The price fell 5.7% as US working natural gas inventories grew by more than expected, reflecting the absence of significant demand.
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Equities
Chinese bourses climb on stimulus hopes. The MSCI China A Index rallied 5.4% during the week following a reduction of the national reserve requirement ratio (RRR) by 1% to 18.5%. Speculation has been growing that Chinese authorities will aggressively support growth targets through monetary stimulus, fuelling bullish sentiment and taking the index to highs not witnessed since 2007. In Europe, equity indices have fallen over the week as concerns grew that Greece will fail to meet its upcoming €780mn debt payment to the International Monetary Fund (IMF) due in May. IMF Director, Christine Lagarde, has made it clear that the international group will not allow Greece to delay these payments, putting greater pressure on the nation to finalise negotiations over economic overhauls and its international bailout. The DAX 30 and FTSE MIB Index have fallen by 2.3% and 1.7% respectively as a result.
Currencies
EURJPY in focus as BOJ meets ahead of Eurozone inflation. The Bank of Japan has appeared to be comfortable with the progress with the inflation outlook, and as such we feel that the upcoming policy meeting will be largely uneventful. The first tendrils of wage growth appear to be starting to take root, in turn helping inflation stabilise around the 2% level, in line with the BOJ target. Alongside CPI, a raft of other Japanese economic indicators will also be released this week, including industrial production and retail trade. Although there has been some volatility in industrial activity, survey evidence shows that business attitudes are improving in the manufacturing sector. Consumers remain under pressure, but this could continue if earnings post further gains. Meanwhile, inflation data will be the main focus for Euro investors, but we expect there to be little progress on the price front for the Eurozone. As a result we expect EUR/JPY to trade even lower this week.
Important Information
This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (”FCA”).
Like Bitcoin, Dogecoin uses a proof-of-work (PoW) consensus mechanism but runs on its own blockchain, originally forked from Litecoin. It uses the Scrypt hashing algorithm, which is less resource-intensive than Bitcoin’s SHA-256, making mining more accessible to everyday users with consumer-grade hardware. Due to merged mining with Litecoin, Dogecoin benefits from shared infrastructure, with hashpower recently reaching all-time highs of 2.7 petahashes (quadrillion hashes) per second, making the network increasingly difficult to attack.
Dogecoin’s design is built for speed and utility, has no maximum supply, and confirms blocks every minute (10x faster than Bitcoin). Moreover, it maintains ultra-low transaction fees, which is ideal for tipping, microtransactions, and everyday use.
More than a meme
Although its supply is technically unlimited, Dogecoin’s issuance model is clear and predictable. Approximately 10,000 DOGE are mined every minute, adding up to around 5.25 billion new tokens each year. As the supply base expands, this fixed issuance creates a natural disinflationary trend that has cut nearly in half over the past decade while ensuring network security through consistent miner rewards.
Dogecoin’s technology fosters an aligned ecosystem between users and miners. With sustainable economic incentives, it acts as a kind of “retail Bitcoin”, built not just for hoarding but for real-world use, too.
While Dogecoin began as a lighthearted experiment, its evolution has proven it to be far more than a meme. Thanks to its speed, low fees, and strong community backing, Dogecoin has grown into a functional digital currency with a range of real-world use cases. From payments and merchant adoption to infrastructure development and charitable giving, Dogecoin continues to demonstrate its staying power as a practical and accessible tool in the broader crypto ecosystem.
Dogecoin as a payment tool
Dogecoin has transformed into a widely accepted digital currency, embraced by major brands like Tesla, AMC, Newegg, and the Dallas Mavericks. With fast transaction speeds and low fees, even amid surging transaction volumes, it has become a practical option for everyday payments. Crypto payment processors like BitPay have further expanded its reach, enabling thousands of merchants worldwide to accept DOGE. Most recently, The Open House Group, a prominent Tokyo Stock Exchange-listed real estate firm, added Dogecoin to its supported list, making it one of the few digital assets accepted for property transactions.
Enhancing Dogecoin’s payment infrastructure
Initiatives like Dogebox and GigaWallet are simplifying DOGE integration for businesses, while its scaling solution, Laika, is making meaningful progress in improving transaction speed and reducing costs.
Meanwhile, RadioDoge is working to expand access by enabling offline transactions in remote regions through low-cost radio and Starlink technology, advancing global crypto inclusion. A rumored integration with Elon Musk’s X platform could extend Dogecoin’s utility across digital tipping and commerce. These efforts collectively reinforce Dogecoin’s growing relevance in real-world payments and its potential as a frictionless, decentralized transaction layer.
Do Only Good Every Day
As we’ve seen, community drives memecoins, and Dogecoin’s community shines the brightest. This global network not only thrives on memes but also channels that energy into social good. From funding clean water in Kenya to sending Jamaica’s Bobsled Team to the Olympics and raising over $1 million for Ukraine relief, DOGE’s community transforms internet culture into real-world impact. Low fees and fast transactions make it a favorite for grassroots giving, showing a coin born as a joke can leave a lasting legacy. Dogecoin is more than a digital asset—it’s a movement powered by a community that believes in doing good every day.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
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