Alongside the launch of DOJE, the first U.S. ETF based on the popular meme coin, Dogecoin (DOGE) has risen 8% over the past day, surpassing big assets like Bitcoin and Ethereum.
When trading in the Rex-Osprey ETF began on Thursday, it swiftly exceeded the initial forecast of Eric Balchunas, a senior ETF analyst at Bloomberg, who had anticipated a fair threshold of about $2.5 million in trading activity.
Early in Thursday’s trading session, however, DOJE had already achieved close to $6 million in trading volume.
“Balchunas shared on X that his over/under was wiped out within the first hour of trading due to DOJE generating almost $6M in volume already.” “That’s surprisingly sturdy.” The majority of ETFs have a trading volume of less than $1M on their first day.
The DOJE ETF, registered under the Investment Company Act of 1940, provides investors with access to spot Dogecoin through a wholly owned subsidiary registered in the Cayman Islands.
This differs from other well-known crypto ETFs registered under the Securities Act of 1933, which are supported by reserves of the actual assets.
Dogecoin ETFs filed under the Securities Act of 1933 could receive approval soon, as anticipated decisions regarding several DOGE ETFs from companies such as Grayscale and Bitwise are expected by October 17 and are considered “near locks” for approval by analysts.
Aside from the ETFs, the meme coin’s surge last week might also be supported by purchases from the publicly traded company CleanCore Solutions. The cleaning and disinfecting company now oversees the initial “official” Dogecoin treasury in partnership with the commercial division of the Dogecoin Foundation, the House of Doge.
CleanCore increased its balance by 100 million DOGE earlier this week, bringing its total assets to 600 million DOGE, which is approximately $170 million in value. The overarching aim is to gather 5% of the total Dogecoin circulating supply—approximately 7.5 billion DOGE, equating to roughly $2.1 billion in value.
Dogecoin is now valued at $0.286, increasing by almost 34% in the past 30 days