Dogecoin Rises 8% Following Launch of First U.S. DOGE ETF, Exceeding Expectations with $6 Million Opening

Dogecoin (DOGE) experienced an 8% increase in the last 24 hours, surpassing both Bitcoin and Ethereum, following the introduction of the first U.S. spot DOGE exchange-traded fund (ETF).

The fund, named DOJE, commenced trading on Thursday morning at the Cboe BZX exchange in Chicago and quickly exceeded expectations, achieving nearly $6 million in trading volume within its initial hour.

Dogecoin ETF Exceeds Analyst Predictions, Indicating Institutional Interest

The ETF is launched through a partnership between REX Shares and Osprey Funds, two firms that have concentrated significantly on crypto-related investment offerings.

Their prospectus, submitted last week, detailed a strategy for the fund to directly hold Dogecoin, with the potential to invest in other crypto ETFs and derivatives.

At REX, we’re developing the next generation of crypto ETFs that provide investors with straightforward, regulated access to digital assets.
Today, we’re thrilled to announce the launch of:
· $DOJE – the first ETF providing exposure to spot $DOGE in the U.S.
· $XRPR – the first ETF offering… pic.twitter.com/Y709c4zonO

— REX Shares (@REXShares) September 18, 2025

In contrast to most crypto ETFs structured under the Securities Act of 1933, DOJE was registered under the Investment Company Act of 1940. This regulatory framework governs pooled investment funds and permits more actively managed strategies.

The ETF provides exposure to Dogecoin through a wholly owned subsidiary registered in the Cayman Islands, establishing a unique legal structure compared to conventional spot Bitcoin and Ethereum ETFs.

Bloomberg Senior ETF Analyst Eric Balchunas initially projected that DOJE would garner approximately $2.5 million in volume on its inaugural day. Instead, it more than doubled that amount during the opening session.

“My over/under got destroyed in the first hour of trading as DOJE already posted nearly $6M in volume,” Balchunas remarked on X, describing the early performance as “shockingly solid.”

My over/under got destroyed in the first hour of trading as $DOJE already posting nearly $6m in volume. That’s shockingly solid.. Most ETFs trade under $1m on Day One. https://t.co/wjAIowq7NW pic.twitter.com/7z22WIKPy0

— Eric Balchunas (@EricBalchunas) September 18, 2025

For reference, the majority of new ETFs typically record less than $1 million in trading volume during their launches.

The introduction of DOJE coincided with the launch of the first U.S. spot XRP ETF, XRPR, also managed by REX and Osprey. XRPR achieved $24 million in trading volume within two hours, five times greater than what XRP futures ETFs experienced during their initial sessions.

Both ETFs represent significant advancements in integrating alternative crypto assets into regulated U.S. investment markets.

Dogecoin’s role as the focal point of a U.S. ETF signifies a notable progression for a cryptocurrency often regarded as a meme coin.

Analysts indicated that DOJE’s early success underscores increasing institutional interest in assets previously believed to be primarily favored by retail investors.

Additional Dogecoin ETFs may soon emerge. Grayscale and Bitwise have submitted proposals under the Securities Act of 1933, a pathway more commonly utilized by spot Bitcoin and Ethereum funds.

Analysts anticipate decisions on those applications by October 17, with many predicting that approvals are highly probable.

Meanwhile, Dogecoin’s price momentum may also be bolstered by new corporate adoption.

CleanCore Solutions, a publicly traded cleaning and disinfecting firm, announced earlier this week that it had acquired an additional 100 million DOGE, raising its total holdings to 600 million DOGE, valued at approximately $170 million.

CleanCore has partnered with the Dogecoin Foundation’s commercial division, the House of Doge, and has laid out long-term plans to accumulate up to 5% of Dogecoin’s circulating supply, equivalent to about 7.5 billion DOGE, or $2.1 billion at current valuations.

At the time of writing, Dogecoin was trading at $0.286, reflecting an increase of nearly 34% over the past month.

SEC Approves Framework Enabling Broader Range of Spot Crypto Funds

The authorization of spot Bitcoin ETFs in January 2024 marked a pivotal moment for digital asset markets.

After years of resistance and a legal battle with Grayscale, the U.S. SEC conceded, paving the way for mainstream adoption.

Since then, over $57 billion has flowed into spot Bitcoin ETFs, according to SoSoValue. Ethereum followed in July 2024, with BlackRock and competitors launching funds linked to the second-largest cryptocurrency.

A year later, Rex Financial and Osprey Funds further expanded the market with the first Solana ETF.

Now, the SEC has taken another significant step. On Wednesday, the regulator approved new listing standards for major U.S. exchanges, including Nasdaq, Cboe BZX, and NYSE Arca.

The SEC has approved new rules allowing Nasdaq, Cboe and NYSE to fast-track crypto spot ETFs, opening the door to wider listings.#SEC #CryptoETFs https://t.co/IfxwJIqJ0K

— Cryptonews.com (@cryptonews) September 18, 2025

This action eliminates the necessity for case-by-case evaluations and establishes clear regulations for commodity-based trust shares, facilitating a broader array of spot crypto ETFs.

Under the new framework, the timeline from filing to launch could be reduced to as little as 75 days, compared to up to 240 days previously.

Bloomberg analyst James Seyffart characterized the rules as the “crypto ETP framework we’ve been waiting for,” anticipating a surge of new funds. Analysts expect Solana and XRP ETFs to be among the first to benefit.

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