Dogecoin Jumps 8% as First U.S. DOGE ETF Doubles Forecast With $6M Debut

Core Insights - Dogecoin (DOGE) experienced an 8% surge in the past 24 hours, outperforming Bitcoin and Ethereum, following the launch of the first U.S. spot DOGE exchange-traded fund (ETF) named DOJE, which recorded nearly $6 million in trading volume within its first hour [1][4] Group 1: ETF Launch and Performance - The DOJE ETF was launched through a collaboration between REX Shares and Osprey Funds, focusing on crypto-related investment products [2] - The ETF's prospectus outlines a strategy to hold Dogecoin directly, with potential investments in other crypto ETFs and derivatives [2] - DOJE is registered under the Investment Company Act of 1940, allowing for more actively managed approaches compared to most crypto ETFs [3] Group 2: Market Reaction and Analyst Insights - Bloomberg Senior ETF Analyst Eric Balchunas initially estimated DOJE would attract around $2.5 million in volume on its first day, but it exceeded expectations by more than doubling that figure [4] - The launch of DOJE coincided with the first U.S. spot XRP ETF, XRPR, which reached $24 million in trading volume within two hours, indicating strong market interest in alternative crypto assets [5] Group 3: Institutional Interest and Future Prospects - Analysts noted that DOJE's early success reflects growing institutional interest in assets previously thought to be favored only by retail traders [6] - Additional Dogecoin ETFs may follow, with Grayscale and Bitwise having filed proposals under the Securities Act of 1933, and decisions on those applications expected by October 17 [6]