Dogecoin (DOGE) price has briefly rallied on Monday following a steady decline ever since its peak in November 2024. The dog-themed token marked a daily gain of over 3%, ahead of newly approved spot ETFs listings on NYSE Arca.
DOGE’s optimism arises as the memecoin is gearing up for the launch of its DOGE ETF product later today. The New York Stock Exchange approved the trading of the Grayscale Dogecoin Trust ETF Shares last Friday.
Prior to the launch, Bloomberg ETF analyst Eric Balchunas predicted that the fund would launch on November 24, based on the SEC guidance.
ETF analyst Nate Geraci called the launch “as highly symbolic” and “monumental crypto regulatory shift over the past year.”
“GDOG might already be top 10 ticker symbol for me,” he wrote on X.
DOGE Up 3% in 24H – Will it Surge Further?
The native token DOGE rose nearly 3% over the last 24 hours, outperforming Bitcoin (-1.4%) and Ethereum (-0.8%).
Further, DOGE’s ETF news amplified its status as the “blue-chip” memecoin, attracting sidelined capital. The memecoin is trading at $0.146 at press time, per CoinMarketCap data.
However, per Coinglass, whales have sold 200 million DOGE, worth $29 million, during the rally, capping gains.
The brief rally, stemming from the upcoming ETF launch, is also historically attributed to Elon Musk’s mentions on X.
The White House confirmed that the Department of Government Efficiency (D.O.G.E.) has quietly ceased to function despite having eight months left on its mandate’s expiry. Though the news is unrelated to the token, the mere mention of DOGE has triggered the token’s price surge.
Analysts note that though the Dogecoin ETF launch marks a milestone, broader crypto headwinds and whale selling suggest cautious optimism.
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