DOJE Debuts: Strong ETF Demand Meets Falling Dogecoin Price

The launch of the first U.S. exchange-traded fund (ETF) designed to provide exposure to Dogecoin (DOGE) did not deliver the immediate price boost traders had expected. Instead of a rally, DOGE slipped slightly, even as the ETF experienced strong trading activity on its debut.

DOJE brings Dogecoin to traditional markets

On Thursday, REX Shares and Osprey Funds rolled out the REX-Osprey DOGE ETF (DOJE) on the Cboe BZX Exchange. The fund gives investors direct exposure to Dogecoin’s spot price through shares, making it possible to access the cryptocurrency without managing digital wallets or holding the asset directly.

The ETF opened its first session at $26.51 per share but finished the day slightly lower at $26.37, a 0.53% drop. Despite the slip, trading activity was remarkable for a debut, recording close to $6 million in volume within the first hour. Bloomberg ETF analyst Eric Balchunas noted that new ETFs typically see under $1 million on their first day, showing the strength of DOJE’s introduction.

The debut makes DOJE the first Dogecoin-focused ETF listed in the U.S. It also creates a new entry point for traditional investors, bringing Dogecoin into a more familiar financial framework and extending access beyond crypto-native platforms.

Dogecoin Sees Muted Price Action Despite ETF Hype

While the ETF began trading with solid demand, Dogecoin’s market price did not reflect the same enthusiasm. Over the past 24 hours, DOGE has fallen by more than 2%. Data from CoinGlass also showed only a slight increase of 0.22% in open interest, pointing to limited new activity in derivatives linked to the cryptocurrency.

Even with the weak price response, Dogecoin has been one of the most discussed digital tokens on social media. Market intelligence firm Santiment observed that discussion rates surged following the launch of DOJE, placing Dogecoin among the most trending assets in the sector. The development has added to the perception of Dogecoin shifting from its origins as a memecoin toward broader institutional attention.

Meanwhile, data highlighted by analyst Ali Martinez showed significant accumulation from large holders. He revealed yesterday that whales purchased more than 158 million DOGE, a signal of interest from major investors despite the lack of price momentum.

Technical Levels in Focus

Martinez also outlined the key technical levels that traders are monitoring. Dogecoin has repeatedly failed to break through resistance between $0.29 and $0.30, with the token being pushed back at that range on multiple occasions. 

This price zone now represents a decisive barrier—here is what to note:

• A close above $0.29 with strong buying could open upside targets at $0.36 and even $0.45.
• A drop below support (around $0.24 or lower) could shift the outlook bearish, at least in the short term.
• The $0.29–$0.30 range is the key battleground; sustained momentum above it would signal potential for a longer-term rally.

The decline in Dogecoin’s price mirrored broader weakness in the crypto market over the last 24 hours. Positive news or developments could still drive DOGE higher, potentially aligning the token’s movement with traders’ expectations.