What to know:
- The Rex-Osprey DOGE ETF, tickered $DOJE, is expected to launch this week, providing U.S. investors with direct exposure to Dogecoin.
- This ETF, supported by REX Shares and Osprey Funds, would be the first in the U.S. to track the price movements of Dogecoin.
- Anticipation is building in the market for increased volatility due to Dogecoin’s recent 7% surge within a day, surpassing the performance of larger cryptocurrencies.
Dogecoin enthusiasts have eagerly awaited the establishment of an exchange-traded fund (ETF) tracking the token’s erratic price fluctuations, and that moment may arrive as soon as this week. The expected Rex-Osprey DOGE ETF, identified by the ticker $DOJE, seems set to debut, as indicated by Nate Geraci, president of ETF Store.
This product aims to offer investors an exposure to the performance of the meme coin, marking a unique addition to the U.S. market.
The ETF is backed by REX Shares and Osprey Funds, recognized for launching the $SSK, a Solana staking ETF earlier this year. The introduction of $DOJE is handled by Foreside Fund Services LLC.
This initiative continues the trend of crypto-related ETFs after the approval of spot bitcoin and ether products in 2024, as issuers hurry to release innovative offerings linked to various tokens and strategies. Dogecoin’s popularity, amplified by Elon Musk’s mentions and vibrant social media presence, positions it as a prime candidate for a retail-oriented ETF.
Market participants predict increased volatility around the launch. “Expect a tumultuous couple of months for crypto ETFs,” Geraci remarked on X, suggesting that Dogecoin might attract speculative investments akin to other spot products.
Currently, Dogecoin’s trading price hovers around 23 cents, reflecting a 7% rise in the past day and almost a 15% increase over the week, outstripping larger assets like Bitcoin and Ethereum.
Moreover, this isn’t the first memecoin-based ETF proposed for the U.S. In recent times, the Canary Capital Group filed with the SEC to establish a spot ETF that would hold the TRUMP Coin, a Solana-centric token associated with former President Donald Trump.
