Dogecoin’s First ETF Joins Year’s Top Launches With Explosive Debut 🚀
Dogecoin's first US spot exchange-traded fund (ETF), DOJE, launched with a remarkable debut, marking $17 million in trading volume, which exceeded market forecasts. This debut underscores growing investor demand for regulated exposure to meme coins.
The fund, launched by REX Shares and Osprey Funds, is listed on the Cboe BZX exchange. However, rather than holding DOGE directly, it uses a Cayman Islands-based subsidiary employing futures and derivatives for exposure.
Despite predictions of a modest debut with a trading volume of $2.5 million based on its status as a 1940 Act product, DOJE’s actual trading volume reached $17 million, making it one of the top launches of the year.
This bodes well for future crypto ETFs under 33 Act regulation, with several Dogecoin ETFs possibly securing SEC approval soon. Additionally, the XRP ETF XRPR, launched alongside DOJE, recorded $37.7 million, adding to the altcoin ETF trend.
Despite the ETF’s success, Dogecoin's price dipped 0.81%, although on-chain analysis indicates accumulation by short-term investors, hinting at a potential market surge.
Analysts suggest DOJE’s launch could attract institutional capital to the meme coin sector and potentially raise DOGE’s price significantly, demonstrating a solidified interest beyond internet hype.
Source: beincrypto.com ↗
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