First Dogecoin ETF Goes Live in the US: Is $1 Next For DOGE?

The cryptocurrency market has seen another significant development with the launch of the first-ever spot Dogecoin Exchange Traded Fund (ETF) in the United States. This new product, named the Grayscale Dogecoin Trust ETF and trading under the ticker symbol $GDOG, has commenced operations with an introductory zero percent fee.

Grayscale marked the launch with a celebratory announcement, stating "Much wow. Big ETP." The company clarified that while $GDOG typically has a fee of 35 basis points, this fee will be entirely waived for the initial $1 billion in assets or for the first three months, whichever condition is met first.

According to Bloomberg ETF specialist Eric Balchunas, $GDOG will enjoy a brief period of market attention before Bitwise introduces its own Dogecoin ETF on Wednesday. The Bitwise product is set to trade under the ticker $BWOW. Balchunas commented positively on the diverse range of issuers entering the market, acknowledging that companies like Grayscale have been instrumental in pushing the industry forward for years to reach this milestone.

DOGE Price Action Remains Subdued

Despite the market excitement surrounding the ETF launch, the price of Dogecoin (DOGE) has not yet shown a significant upward reaction. The cryptocurrency is currently trading around $0.1438, reflecting a gain of less than 1 percent over the past 24 hours. The ninth-largest cryptocurrency by market capitalization remains within a descending price structure.

DOGE continues to establish lower highs, indicating a pattern within a falling channel. The critical resistance level to watch is $0.16, a price point that has consistently thwarted previous upward price movements.

Analysis of the weekly chart reveals that DOGE has experienced a decline from its peak of $0.3075 in September to its current trading levels. Maintaining the $0.14 support level is crucial for bullish sentiment. A failure to hold this level could potentially lead to a further drop towards $0.10.

According to one market analyst, the recent weekly candle for DOGE has touched a long-term support trendline for the third occasion. This specific pattern was observed previously between 2023 and 2024, preceding the commencement of Dogecoin's gradual, multi-year bull run within the broader 2021–2026 market cycle.

Potential for DOGE Price Surge

At present, the market indicators offer a mixed outlook. The introduction of the first-ever $DOGE ETF undeniably bolsters the long-term legitimacy of the cryptocurrency. Furthermore, the zero percent introductory fee for $GDOG could incentivize faster capital inflows into the ETF. However, for a significant price surge to materialize, DOGE must first successfully break above the $0.16 resistance level.