Dogecoin, the world’s foremost meme coin, is making waves once again. Following the debut of the first U.S. ETF with exposure to Dogecoin (DOGE), the cryptocurrency soared 8% within 24 hours. This groundbreaking development indicates a major step forward in the mainstream adoption of crypto assets, particularly meme-based digital currencies.
Historic Debut of DOGE ETF Surpasses Expectations
On Thursday, the DOJE ETF—managed by Rex-Osprey—launched and quickly outperformed analyst predictions. Bloomberg Senior ETF Analyst Eric Balchunas had projected first-day trading volumes of approximately $2.5 million. However, within the first hour, DOJE reached nearly $6 million in trading volume. Balchunas remarked on social media, “That’s shockingly solid. Most ETFs trade under $1 million on day one.”
Breaking New Ground in ETF Regulations
The DOJE ETF is registered under the Investment Company Act of 1940. It provides investors with direct exposure to Dogecoin through a Cayman Islands-based subsidiary wholly owned by the fund. This differentiates it from ETFs registered under the Securities Act of 1933, which are supported by reserves of underlying assets. Analysts predict more DOGE ETFs, including those from Grayscale and Bitwise, could be approved as early as October 17, marking another milestone in crypto investment options.
Corporate Backing Fuels Dogecoin Momentum
Beyond the ETF launch, Dogecoin’s recent surge is also attributed to accumulating interest from leading companies. Publicly traded firm CleanCore Solutions has partnered with the Dogecoin Foundation’s commercial arm, House of Doge, to establish the first “official” Dogecoin treasury. The firm recently purchased an additional 100 million DOGE, bringing its total holdings to 600 million DOGE (approximately $170 million). This move aligns with its long-term goal of amassing 5% of the total Dogecoin supply, equal to about 7.5 billion DOGE or $2.1 billion.
Invest in Dogecoin: A Trend Worth Watching
Currently priced at $0.286, Dogecoin has seen a staggering 34% growth over the past 30 days. This momentum reflects its growing prominence and potential in the crypto market. If you’re interested in supporting your crypto journey, consider leveraging reliable tools like Ledger Nano X, a hardware wallet that ensures the security of your Dogecoin and other digital assets.
The launch of DOGE ETFs and corporate interest from players like CleanCore Solutions emphasize that Dogecoin is no longer just a meme—it’s a serious contender in the financial world. As the market waits for approval of additional Dogecoin ETFs, the cryptocurrency’s adoption and valuation could climb even higher.