- Dogecoin ETF launch surpasses $6M in early trading, beating forecasts.
- CleanCore Solutions expands DOGE holdings to 600M amid treasury strategy.
Dogecoin rose by 8% in the past 24 hours following the expectations of the first U.S.-traded Dogecoin exchange-traded fund. Rex-Osprey ETF, which trades under the DOJE symbol, opened on Thursday and had close to $6 million in volume within hours, much better than the initial predictions.
DOJE ETF Breaks Forecasts in First Hours of Trading
Bloomberg Senior ETF Analyst Eric Balchunas estimated the opening volumes to be in the range of 2.5 million, describing the outcome of the launch of DOJE as shockingly good. He observed that most ETFs were not able to transact over 1 million dollars during the first trading day.
The DOJE fund is governed by the Investment Company Act of 1940. It provides exposure to Dogecoin spot through a subsidiary in the Cayman Islands owned entirely by the ETF. This is structurally different from most cryptocurrency ETFs registered under the Securities Act of 1933, which are based on underlying asset direct reserves.
The analysts believe that more DOGE ETFs will soon be registered under the Securities Act of 1933, with companies like Grayscale and Bitwise waiting for the registration verdict by October 17. Market watchers predict such approvals to be a near-lock and might hasten institutions’ access to Dogecoin.
Corporate Accumulation Adds to Market Momentum
Corporate treasury accumulation has also been a factor in Dogecoin recently. CleanCore Solutions, a cleaning and disinfecting goods company, announced that it acquired 100 million DOGE in its portfolio early this week. This boosted its balance sheet to 600 million DOGE, which is now estimated to be 170 million dollars.
The company works with the commercial arm of the Dogecoin Foundation, the House of Doge, to keep what it regards as the first official Dogecoin treasury. CleanCore has established a long-term goal of obtaining 5 percent of the total supply by the time it has circulated, or roughly 7.5 billion DOGE, or about 2.1 billion in the present prices.
As of now, Dogecoin is trading at $0.286, a 34 percent hike over the last 30 days and a solidified spot in the digital assets as the biggest meme coin.
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