In brief
- Dogecoin is up 8% in the last 24 hours as the first ETF with spot exposure hits the market.
- The DOJE ETF generated nearly $6 million in trading volume in the first hour, surpassing Bloomberg analyst expectations.
- More Dogecoin ETFs are expected to hit the market in the next month.
Dogecoin (DOGE) is up 8% in the last 24 hours, outperforming major assets like Bitcoin and Ethereum alongside the debut of DOJE—the first U.S. ETF centered on the leading meme coin.
Trading of the Rex-Osprey ETF went live for trading on Thursday and very quickly surpassed the expectations of Bloomberg Senior ETF Analyst Eric Balchunas, who initially expected a fair marker of around $2.5 million in trading volume.
Shortly into Thursday’s trading session though, DOJE had already reached nearly $6 million in trading volume.
“My over/under got destroyed in the first hour of trading as DOJE already posted nearly $6M in volume,” Balchunas posted on X. “That’s shockingly solid. Most ETFs trade under $1M on day one.”
The DOJE ETF, which is registered under the Investment Company Act of 1940, offers investors access to spot Dogecoin via a Cayman Islands registered subsidiary that is wholly owned by the fund.
That stands in contrast to other popular crypto ETFs registered via the Securities Act of 1933, which are backed by reserves of the underlying assets.
Dogecoin ETFs registered under the Securities Act of 1933 may be approved soon though, as looming decisions for multiple DOGE ETFs from issuers like Grayscale and Bitwise are expected by October 17 and are “near locks” for approval according to analysts.
Beyond the ETFs, the meme coin’s acceleration in the last week may also be buoyed by accumulation via the publicly traded firm CleanCore Solutions. The cleaning and disinfecting firm now manages the first “official” Dogecoin treasury in collaboration with the Dogecoin Foundation’s commercial arm, the House of Doge.
CleanCore added 100 million DOGE earlier this week, bolstering its balance sheet to 600 million DOGE in total, or around $170 million worth. Its long-term goal is to accumulate 5% of the entire Dogecoin circulating supply—about 7.5 billion DOGE, or around $2.1 billion worth.
Dogecoin is currently priced at $0.286, rising nearly 34% over the last 30 days.
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Source: https://decrypt.co/340224/dogecoin-rises-first-us-doge-etf-destroys-expectations-early-trading
