First US Dogecoin ETF Debuts, Boosts Institutional Demand
REX-Osprey launched the first U.S.-listed Dogecoin ETF (ticker: DOJE) on September 17. Approved under the 1940 Investment Company Act, the product bypassed lengthy 1933 rule reviews to fast-track crypto ETF listings. The Dogecoin ETF debut sent DOGE up 12% from $0.25 to $0.28 as traders anticipated institutional inflows.
Dogecoin, created in 2013 with uncapped supply, now ranks eighth by market cap at $42 billion. SEC Chair Paul Atkins said the new rule change will expand investor choice and innovation. Industry experts view DOJE as the opening act of a broader crypto ETF rally after 2024 spot Bitcoin and Ethereum ETF approvals. REX Financial CEO Greg King highlighted improved liquidity and convenience.
Technical analysts point to a bullish megaphone pattern on DOGE with a $1.40 target and more aggressive forecasts up to $5. The U.S. SEC will decide by mid-October on converting Grayscale’s Dogecoin Trust into an ETF, with approval odds at 98%. This development underscores growing institutional adoption and blurs the lines between digital assets and traditional finance, paving the way for future meme coin and wider crypto ETF products.
Bullish
The launch of the first U.S.-listed Dogecoin ETF marks a significant milestone for crypto adoption. In the short term, DOJE’s debut drove a 12% price spike as traders anticipated institutional inflows. Technical signals, such as a bullish megaphone pattern targeting $1.40 and upside projections to $5, further support near-term gains. Long term, the ETF’s approval under the 1940 Act and the likely conversion of Grayscale’s Dogecoin Trust to an ETF by mid-October will unlock additional institutional capital. Coupled with the precedent set by spot Bitcoin and Ethereum ETFs, these developments enhance liquidity and market access, reinforcing a sustained bullish outlook for DOGE.