Dogecoin (DOGE) posted solid gains Tuesday morning, riding the wave of its first spot exchange-traded fund hitting Wall Street. The memecoin that started as a joke and somehow became a multi-billion dollar asset is now officially part of the traditional finance establishment.
Modest Gains, Mixed Signals
The dog-themed token rose over 2% in the past 24 hours, while trading volume jumped 5.05% to $1.56 billion. That's the spot market showing some enthusiasm, at least.
The derivatives crowd wasn't quite as excited. Open interest in DOGE futures crept up just 0.96% over the same period, according to Coinglass data. Not exactly a stampede into leveraged positions.
Technical Bulls See Big Move Ahead
Cryptocurrency analyst Clifton Fx identified a falling wedge pattern forming on Dogecoin's 12-hour chart. For those unfamiliar with technical analysis jargon, a falling wedge is typically a bullish signal suggesting a potential trend reversal.
"In case of upside breakout, we can see 80-90% massive bullish rally in next coming days," the analyst predicted.
That's a bold call—essentially betting that DOGE could nearly double if the technical setup plays out as expected.
Wall Street Gets Its Meme ETF
The price action came as Grayscale, the world's largest cryptocurrency-focused asset manager, officially launched its Grayscale Dogecoin Trust ETF (GDOG) on NYSE Arca. The fund's investment objective is straightforward: track the value of DOGE tokens held by the trust, minus expenses and liabilities.
Grayscale made sure to clarify that buying the ETF "is not a direct investment" in Dogecoin itself. It's a wrapper around the cryptocurrency, which matters for regulatory and tax purposes.
The market's initial response was tepid. First-day trading volume hit just $1.41 million, according to SoSo Value. That's not exactly a blockbuster debut for a product tracking one of the most recognized cryptocurrencies.
The Grayscale Dogecoin Trust originally launched as a private placement for accredited investors back in January before converting to a publicly traded ETF.
Competition Already Here
Grayscale isn't alone in the Dogecoin ETF space. The REX-Osprey Doge ETF (DOJE), which launched earlier this year, takes a different structural approach. According to Bloomberg analyst Eric Balchunas, DOJE holds a European DOGE ETF rather than directly holding Dogecoin tokens like Grayscale does.
And the parade continues. Bitwise is set to launch its own Dogecoin ETF on Wednesday, adding yet another option for investors who want exposure to the memecoin through traditional brokerage accounts.
Price Action: At publication time, DOGE was trading at $0.1495, up 2.17% over 24 hours, according to data from Benzinga Pro. The GDOG ETF closed its first trading session at $18.09.