T. Rowe Price Responds to Dogecoin Inclusion in Active Management ETF: Mature Meme Coins with History and Market Cap Should Not Be Excluded

August 8th. In July, T. Rowe Price launched the industry's first actively managed multi-asset spot cryptocurrency ETF (ticker: TKNZ), attracting market attention not only for its mainstream allocation of about 60% to Bitcoin and Ethereum, but also for including meme coins. Currently, the fund holds approximately 1.26% of Dogecoin (DOGE). The digital asset manager, Blue Macellari, led this strategy with the core idea that true active management should not exclude mature meme coins with a certain history and market value just because of "intellectual arrogance." If a coin has momentum or can improve the portfolio performance, it should be included, allowing investors to have exposure to the full market instead of just picking "seemingly respectable" assets.

Macellari further explained that meme coin trading is the most authentic "stress test" for a blockchain network. When a chain experiences a meme coin craze, it can best test its scalability, nearly instant settlement, low transaction costs, and reliability during congestion. This is crucial for the future widespread adoption of stablecoins because a network must be able to efficiently process multimillion-dollar transfers as well as handle low-cost transactions of a few dollars.

T. Rowe Price evaluates tokens using a three-layer framework: blockchain technology and tokenomics, ecosystem growth and adoption, and market momentum (including crypto Twitter and other community sentiments). It believes that in crypto assets, good judgment and active decision-making are more valuable than any other asset class, and it expects further segmentation of the crypto ETF market. The ETF currently holds 5 to 15 cryptocurrencies, and as more tokens meet the SEC's general listing standards, the investment scope will continue to expand.