DOGE to the Moon: How Will ETFs Affect DOGE Price?

The Dogecoin ecosystem has witnessed a massive influx of new investors after the first-ever U.S. Dogecoin exchange-traded fund (ETF) officially commenced trading last week. 

The product opened to remarkable demand, recording $6 million in trading volume within its first hour — a figure 140% higher than Bloomberg analyst Eric Balchunas’ day-one forecast and nearly six times greater than the average volume for new ETFs over an entire session.

DOGE ETF: first results

The strong debut of the Rex-Osprey DOGE ETF has sparked intense discussion across the crypto community and fueled optimism about a significant Dogecoin price rally in the near term. 

Balchunas had initially projected a modest $2.5 million for the ETF’s entire first trading day, but the product has far surpassed those expectations. 

This performance places Dogecoin among the most successful crypto-based investment products launched to date, outpacing many earlier ETFs that struggled to surpass $1 million in day-one volume.

Momentum around Dogecoin continues to build as the 21Shares spot-based DOGE ETF proposal was recently listed on the Depository Trust & Clearing Corporation (DTCC), signaling potential for additional market adoption. 

Meanwhile, the U.S. SEC is reviewing further Dogecoin ETF applications from Grayscale and Bitwise, with a final decision expected on October 17. The success of the first DOGE ETF has likely improved the odds of approval for these upcoming filings.

Dogecoin price prediction

Dogecoin’s price responded positively to the news, climbing 5.12% in the first 24 hours to $0.28 and extending a two-day rally to reach an intraday high of $0.285 on September 18. 

This week, the token was consolidating above its breakout zone, with traders eyeing resistance levels at $0.39 and $0.43-$0.45. However, a fierce correction followed, with DOGE price hotting the floor at $0.22.

Historically, Dogecoin has shown a tendency to surge quickly once key resistances flip into support, suggesting further upside could be on the horizon as retail demand accelerates.

Should Dogecoin reclaim $0.45, it would return to price levels last seen at the end of 2021. This time, however, the move would come off a much stronger base near $0.20-$0.25, giving the rally a more sustainable structure. 

With ETF liquidity confirmed, institutional wallets reportedly accumulating nine-figure sums, and price levels approaching $0.30, top meme coin traders argue that the path to $1 DOGE is becoming more likely in this market cycle.