While there is a lot of excitement within the crypto community around the launch of the first Dogecoin exchange-traded fund (ETF) in the U.S., it seems even the global community is feeling the ripple effects of the hype.
The internet is constantly hunting for the latest details about the meme coin, with "Dogecoin" hitting 100 on Google Trends worldwide on Sep. 13.
The Netherlands, Germany, Austria, and Singapore ranked among the top regions by interest. This is understandable as crypto is pretty popular and allowed to trade in these countries.
However, what's surprising is that Iraq, the Middle Eastern country where crypto remains banned, topped the list of countries that are looking up the meme coin on Google.
Iraq and crypto
In 2017, Iraq's central bank banned crypto due to risks of money laundering. It also announced in December 2024 that it would not grant licenses to companies trading in cryptocurrencies, stocks, metals, etc., as per a local media report .
However, unofficial cryptocurrency trading continues in Iraq despite restrictions, the report added.
"Everyone here knows trading crypto is banned, but people still do it quietly. Dogecoin feels like the coin of the people, cheap, fun, and now with an ETF in America, the price will rally. I'm planning to buy some, even if it's just a small amount." — Ali H., Baghdad-based trader.
"I can't use my real name because of the restrictions, but the truth is, people in Iraq are tired of holding just dinars. Inflation hurts. Dogecoin may be a meme, but with this ETF, it shows the world will take it seriously. That's why I want to buy."— an Iraqi crypto trader who asked not to be named.
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Now, Iraq's central bank is also preparing to introduce a digital currency to address the country's ongoing liquidity crisis.
No wonder traders in Iraq are searching for crypto on the internet. And given the popular meme culture in the country, it's no surprise that Dogecoin has caught their attention.
Iraq remains under OFAC's sanctions list, with restrictions mainly targeting banks, individuals, and companies accused of laundering money or funding Iran-backed militias. Several Iraqi banks were barred from U.S. dollar transactions due to alleged ties to illicit finance. These sanctions aim to cut off revenue streams supporting terrorism and destabilizing activities in the region.
First Dogecoin ETF
The Rex Shares-Osprey Dogecoin ETF (DOJE) is the first approved U.S. ETF linked to a meme coin.
Analysts believe that it would be the first U.S. ETF to hold something that has no utility. However, crypto P2P platform NoOnes' CEO Ray Youssef argued it's investor demand, not the question of "utility," that is driving the fund's launch.
Meanwhile, Bloomberg ETF analyst predicted that trading in the upcoming Dogecoin fund may be muted compared to other crypto debuts. He said he's "setting the over/under on DOJE volume on Day One at $2.5 million (which is respectable table but nothing too special)."
The analyst added that the fund's structure as a 40 Act rather than a 33 Act product — and the fact that it isn't backed by a "big boy issuer" — could limit investor interest, though, as he noted, "we'll soon find out."
Dogecoin was trading at $0.28 at the time of writing, up 6% in a day.
Related: What are meme coins? Explained
This story was originally reported by TheStreet on Sep 18, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
