TLDR
- First U.S. spot Dogecoin ETF (DOJE) launched on Cboe BZX Exchange
- Dogecoin price fell 2.43% to $0.2754 despite the ETF debut
- ETF volume reached $5.8 million in its first hour of trading
- Institutional interest is growing with CleanCore Solutions adding 100 million DOGE
- Analysts project potential price targets ranging from $1.40 to $5
Dogecoin, the popular meme cryptocurrency, experienced a price drop despite the launch of America’s first spot Dogecoin exchange-traded fund (ETF) on Thursday. The REX-Osprey Doge ETF (DOJE) began trading on the Cboe BZX Exchange but failed to generate enough excitement to push DOGE prices higher in the immediate aftermath.
The dog-themed cryptocurrency was trading at $0.2754, down 2.43% over 24 hours, according to recent data. This decline came as trading volume for DOGE dipped by over 23% during the same period.
DOGE was the worst performer among the top 10 cryptocurrencies by market capitalization during this timeframe. Open interest in DOGE derivatives rose by only 0.88% in the last 24 hours, suggesting muted speculative interest in the token.
Despite the price decline, there were some positive signals for the cryptocurrency. Over 80% of top trader accounts on Binance—defined as the top 20% of users with the highest margin balance—were betting on the coin’s price to increase.
The ETF, which trades under the ticker DOJE, started at $26.51 per share but closed 0.53% lower at $26.37 on its first day. The fund holds a combination of DOGE and DOGE derivatives.
The new fund did show promising signs in terms of trading activity. The ETF’s volume reached $5.8 million in the first hour of trading, which far exceeded the $1 million average for typical ETF launches in the same timeframe.
Regulatory Innovation Speeds Approval
The REX-Osprey fund achieved its launch through a unique regulatory approach. The ETF leverages the Investment Company Act of 1940 to bypass the lengthy approval process that other cryptocurrency ETFs have faced under the Securities Act.
This regulatory shortcut has been described by some ETF experts as a “regulatory end-around,” allowing the Dogecoin ETF to reach markets faster than competitors might have expected.
The fund issuer made it clear that investing in the ETF “is not equivalent” to investing directly in DOGE. This distinction may have tempered some of the initial excitement around the product.
Despite the day’s price drop, Dogecoin has shown positive movement over a longer timeframe. The cryptocurrency has gained 5.45% over the past week, and rallied approximately 13% from its Tuesday low of $0.25.
Institutional Interest Grows
The ETF launch comes as institutional interest in Dogecoin appears to be increasing. CleanCore Solutions recently announced the purchase of 100 million additional DOGE tokens, bringing its holdings above 600 million.
The company cited “improving regulatory clarity” ahead of the ETF launch as part of its rationale for the purchase. This move suggests that corporate buyers may be viewing Dogecoin more favorably as it gains traditional financial products.
Some analysts view the ETF debut as a turning point for Dogecoin’s legitimacy. The DOJE launch has been described as a “pivotal moment” that could inject institutional capital and mainstream acceptance into the Dogecoin ecosystem.
My target for $DOGE is $5 after a Dogecoin ETF! I
believe a huge wave of institutional money is about to flow into #Memecoins very soon.
Do you have any #DOGE in your portfolio? pic.twitter.com/udAXxbkyPA
— CryptoELlTES (@CryptooELITES) September 15, 2025
Market watchers have noted that Dogecoin is transitioning from simply a meme token to a more mainstream asset now that it has a Wall Street fund. This shift could potentially attract investors who previously avoided direct cryptocurrency exposure.
While the current price sits at around $0.28, some traders have set ambitious targets for where DOGE might go in the future.
One analysis points to a “bullish megaphone” pattern that could project a breakout toward approximately $1.40, which would represent a 400% gain from current levels.
Even more optimistic projections exist, with some traders suggesting targets as high as $5 if institutional money flows into the asset class. A move to $5 from today’s $0.2754 would represent a gain of roughly 1,600%.
These price targets are based on the assumption that Dogecoin will attract capital flows similar to earlier cryptocurrency ETFs that saw substantial inflows upon launch.
Dogecoin has a history of price volatility. The token reached an all-time high of approximately $0.73 in May 2021, making it one of the top cryptocurrencies by market capitalization at that time.
The price subsequently collapsed, falling over 90% from those highs by mid-2022. After trading sideways through much of 2023, DOGE experienced a rally in late 2024, reaching around $0.48 in December before declining again.
At the time of writing, DOGE was exchanging hands at $0.2754, with weekly gains of 5.45% still intact despite the day’s decline.
