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Introduction
Dogecoin surged 8% in 24 hours as the first U.S. ETF with spot exposure, DOJE, launched with explosive trading volume. The ETF generated nearly $6 million in its first hour, far exceeding analyst expectations. More Dogecoin ETFs are anticipated to debut soon, potentially fueling further momentum.
Key Points
- DOJE ETF traded nearly $6M in first hour, crushing the $2.5M analyst forecast
- Grayscale and Bitwise Dogecoin ETFs are 'near locks' for approval by October 17
- CleanCore Solutions holds 600M DOGE, aims for 5% of circulating supply
ETF Debut Exceeds All Expectations
The launch of the DOJE ETF, a joint product from Rex and Osprey, has immediately reshaped expectations for meme coin investment vehicles. Trading began on Thursday, and within the first hour, volume reached nearly $6 million—more than double the $2.5 million forecast by Bloomberg Senior ETF Analyst Eric Balchunas. In a post on X, Balchunas acknowledged the surprisingly strong start, noting that most new ETFs trade under $1 million on their first day.
This robust initial activity signals substantial investor interest in gaining regulated exposure to Dogecoin without directly holding the asset. The structure of DOJE is distinct from many existing crypto ETFs; it is registered under the Investment Company Act of 1940 and offers spot Dogecoin exposure through a wholly-owned Cayman Islands subsidiary. This contrasts with ETFs registered under the Securities Act of 1933, which hold reserves of the underlying cryptocurrency.
More Approvals and Corporate Accumulation Fuel Optimism
The momentum behind Dogecoin is not solely reliant on DOJE. Analysts indicate that additional Dogecoin ETFs from major issuers like Grayscale and Bitwise are ‘near locks’ for approval, with decisions expected by October 17. The potential for multiple ETFs could significantly increase institutional demand and trading liquidity for DOGE, providing a sustained tailwind for its price.
Beyond the ETF landscape, corporate accumulation is playing a key role in Dogecoin’s recent 34% surge over 30 days. CleanCore Solutions, a publicly-traded cleaning and disinfecting firm, has emerged as a major holder. In collaboration with the Dogecoin Foundation’s commercial arm, the House of Doge, CleanCore added 100 million DOGE this week, bringing its total holdings to 600 million DOGE—worth approximately $170 million.
The company has announced an ambitious long-term goal: to accumulate 5% of Dogecoin’s entire circulating supply, which equates to about 7.5 billion DOGE or roughly $2.1 billion at current prices. This strategy not only bolsters CleanCore’s balance sheet but also introduces a novel form of corporate treasury adoption for the meme coin, further legitimizing it in the eyes of investors.
Market Context and Future Implications
Dogecoin’s recent performance has notably outpaced major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), highlighting how niche products and corporate strategies can drive outlier momentum in the crypto market. The successful debut of DOJE demonstrates that there is appetite for even the most speculative assets within a regulated framework, potentially paving the way for other meme-based or alternative crypto ETFs.
As Dogecoin trades at $0.286, the convergence of ETF approvals, corporate buying, and ongoing retail interest creates a bullish setup. Should Grayscale, Bitwise, and other issuers receive expected approvals in October, and if CleanCore continues its accumulation strategy, Dogecoin may see further institutional validation and price appreciation, reinforcing its transition from internet joke to investable asset.
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