Canary Capital CEO Steven McClurg has announced that the company has no plans to launch an exchange-traded fund (ETF) based on Dogecoin (DOGE).

 Meanwhile, the company has applied for the launch of an ETF for other digital currencies such as Solana (SOL), Ripple (XRP) and Litecoin (LTC).

 McClurg cited Dogecoin's unlimited supply and lack of practical use as the reason for this decision, saying, "It's difficult to put Dogecoin into an ETF because it's designed to depreciate and its supply to continually increase."

 This decision has been taken while several investment companies, including Bitwise and GrayScale, have tried to launch a Dogecoin ETF.