First U.S. Dogecoin ETF Blasts $6 Million Volume Surge in First Hour

The Dogecoin ecosystem has seen a massive influx of new investors as the first-ever U.S. Dogecoin exchange traded fund (ETF) commenced trading yesterday. Following the hype surrounding the major development, the product has recorded a massive $6 million in its opening hour volume.

The aggressive surge in the U.S. DOGE ETF volume in its first hour of launch has triggered discussions across the crypto community while raising hopes for a bigger price uptrend in the near term.

While market watchers had expressed optimism for an explosive price breakout following the major development, Dogecoin is already responding to the bullish call, with its price surging by nearly 10% a few hours after the ETF launch on Thursday.

Rex-Osprey DOGE ETF beats expectations 

Amid the buzz surrounding the launch of the Rex-Osprey DOGE ETF, it had seen positive predictions among crypto market experts.

However, the investment product appears to be beating these expectations as Bloomberg’s Eric Balchunas had previously shared predictions that the DOGE ETF volume for the entire day will amount to just $2.5 million.

Meanwhile, Balchunas’ prediction did not even weigh up to half of the volume achieved in just one hour, fueling more confidence among investors.

While previous ETFs have been seen generating less than $1 million in volume for the entire first day, the massive hourly volume recorded by the Dogecoin ETF has placed Dogecoin in spotting, positioning the leading meme token as one of the most successful among crypto-based investment products.

With the Rex-Osprey DOGE ETF making a huge success on the first day of its debut, news about the SEC reviewing other Dogecoin ETF filings has spurred the crypto space.

Per reports, the U.S. SEC is currently viewing additional Dogecoin ETF filings from Grayscale and Bitwise. While the SEC had scheduled Oct. 17 for its final decision, the major success recorded by the first ETF has typically increased chances for the launch of others.

In addition to this, the SEC appears to be leaning toward embracing products like this as it has shown a shifting regulatory stance toward crypto ETFs.

Nonetheless, the DOGE ETF launch positions the meme asset for increased demand among institutions and large players, creating the potential for a price explosion.