Dogecoin Surges 20% Ahead of First U.S. DOGE ETF Launch
The launch of the first U.S. spot Dogecoin ETF surpassed $6 million in trading volume, signaling growing institutional interest in Dogecoin as CleanCore Solutions expands its holdings.
Dogecoin surged 8% following the debut of the REX-Osprey Dogecoin ETF ($DOJE), which exceeded $6 million in trading volume during its first hour. Unlike most crypto ETFs, DOJE operates under the Investment Company Act of 1940, offering exposure through a Cayman Islands subsidiary. The launch has raised expectations for additional DOGE ETFs, with Grayscale and Bitwise likely to receive approval by October 17. Corporate adoption is also rising, with CleanCore Solutions expanding its DOGE holdings to 600 million coins, valued at $170 million, and aiming to hold 5% of the total Dogecoin supply.
- Dogecoin (DOGE): A cryptocurrency originally created as a joke or meme coin, now used for payments and speculation.
- Exchange-Traded Fund (ETF): An investment fund traded on stock exchanges that holds assets such as stocks, commodities, or cryptocurrencies, allowing investors easier access to these markets.
- Investment Company Act of 1940: A U.S. federal law regulating investment companies, under which the DOJE ETF was registered, differing from crypto ETFs registered under the Securities Act of 1933.