Dogecoin ETF progress is gaining momentum with several developments in the pipeline. Here's what's happening:
Recent Developments
- Grayscale's Dogecoin ETF Filing: Grayscale has filed an amended S-1 to convert its Dogecoin Trust into a listed exchange-traded fund, which would trade on NYSE Arca under the ticker GDOG with Coinbase as prime broker and custodian.
- REX-Osprey Dogecoin ETF Launch: The REX-Osprey Dogecoin ETF (DOJE) has launched and exceeded expectations, recording nearly $6 million in trading volume within its first hour and $17 million in volume overall.
- Increased Institutional Interest: The success of DOJE suggests growing institutional demand for Dogecoin-linked vehicles, with analysts predicting Solana and XRP ETFs could be next.
Market Performance
- Dogecoin Price: DOGE is currently trading at $0.23, with a 24-hour high of $0.25 and a low of $0.23. The coin has rebounded in recent months, jumping from a low of $0.1407 in March.
- ETF Inflows: The DOJE ETF has accumulated almost $8 million in assets over four trading days, despite its steep 0.75% fee, signaling appetite for future DOGE-linked ETFs from bigger issuers ¹ ² ³.
Future Prospects
- Potential Price Rally: Analysts predict a 25% jump in Dogecoin's price to $0.3076, driven by ETF inflows and positive futures market sentiment.
- Growing Adoption: The launch of Dogecoin ETFs could unlock more than 100 new applications within a year, setting the stage for intensified competition among issuers ³ ².
