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Dogecoin ETF Taps $6 Million on Debut: How High Can the Price Climb?

• The first-ever Dogecoin ETF was launched under the 1940 Act, and immediately after the launch, the ETF quickly surpassed $6 million in trading volume and also signaled growing institutional interest.
• Amid the launch, DOGE price is holding near $0.27, with key levels at $0.255 support and $0.300 resistance. Many eyes are on the token because if it manages to break higher, it could target the $0.34 and $0.40 levels.

A few hours ago, DOGE’s first-ever ETF (Exchange Traded Fund) went live, and within a few hours of the launch, the ETF’s volume almost reached $6 million. This kind of daily volume is not typical for ETFs, especially crypto.

The launch of the Dogecoin ETF made investing in the token easier for traditional investors. So basically, the Dogecoin ETF would help DOGE reserves and also give out shares that directly track the token’s price. These shares would be traded all day like regular stocks and would offer more liquidity and help the market find fair value.

One unique thing about the Dogecoin ETF is that unlike many other crypto ETFs that were filed under the 1933 Act, DOJE (the tokens ETF) was created under the 1940 Act, which governs pooled funds and allows active management.

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Dogecoin ETF Volume Increase and Price Prediction

A Bloomberg analyst has shared his thoughts on the 1-hour increase in the volume of Dogecoin’s ETF, and according to him, he expected that DOGE would see about $2.5 million in day-one trades, but instead, as soon as it started trading, it passed that mark in its first session.

Source: Eric Balchunas

According to Him, most new ETFs trade under $1 million at launch. So this milestone Dogecoin has created at the center of the U.S. ETF is a major step for the token. Experts also say that its strong start shows rising institutional demand for the asset that was once linked mainly to retail buyers.

Dogecoin’s price, on the other hand, is still holding on to its $0.255 level and pushing for $0.300. For now, if the price manages to stay above the support level, it would keep its momentum with buyers; simultaneously, if the price could also move beyond resistance, it could open the way to $0.34 and $0.40. The new ETF and steady chart signals suggest more upside even with market swings. As of the time of writing, the token’s price is at $0.27 and has a 24-hour low of 1.8%.

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