Dogecoin has begun the week on a strong note, climbing over 3% to reach $0.145. This rise occurred amid expectations of Grayscale’s new DOGE ETF starting to trade on NYSE Arca soon. This movement happened during a period when Bitcoin and Ethereum witnessed a weekly drop of approximately 9–10%. The market is focused on both the ETF’s impact and Dogecoin’s ability to maintain its momentum, despite the closure of Elon Musk’s D.O.G.E. department.
The Bright Future With Grayscale’s DOGE ETF
Grayscale’s DOGE ETF, set to be listed on NYSE Arca under the ticker GDOG, stands as a significant milestone in the wave of spot DOGE ETFs. Bitwise is also reported to be awaiting a 20-day approval process for a similar product. This development marks the first time two major fund managers are competing for the same asset in the memecoin market.
Currently, DOGE is trading around $0.145. Analysts argue that while institutional investment tools entering the memecoin segment might cause short-term price fluctuations, they strengthen the perception of legitimacy in the long term.
The launch of ETFs is reshaping demand dynamics, especially for community-backed assets like DOGE. A noticeable recovery in volume is expected with increasing interest from institutional investors. However, technical indicators remain weak, and there is a warning that large investor sales could exert pressure on the price.
The End of D.O.G.E. Department and the Rise of “Cats”
Meanwhile, following Elon Musk’s departure with the Trump administration, the White House quietly abolished the Department of Government Efficiency (D.O.G.E.) eight months early. Although the department’s closure brought the DOGE name back into the spotlight, this time the price reaction was driven by ETF expectations. Traditionally, Musk’s mention has caused price movements, but the ETF effect was decisive in DOGE’s latest rally.
Conversely, the real winners in the memecoin market were cat-themed projects. According to CryptoAppsy data, the total market value of cat-themed coins increased by 4.2%, while dog-themed coins rose by only 4%. This shift indicates that investor interest may be trending in a different direction.