Grayscale has marked a historic milestone by officially launching the first Dogecoin spot ETF on the New York Stock Exchange (NYSE), a long-awaited event for investors. Eric Balchunas, senior ETF analyst, confirmed the debut under the ticker $GDOG, which generated an immediate market reaction with a price jump of 2.2%.
The launch has detonated massive interest in the market, registering a trading volume of 1.5 billion dollars in the last 24 hours, representing a considerable figure. These trading volumes account for nearly 7% of the token’s circulating market cap, demonstrating robust liquidity from day one. Additionally, the fee structure is highly competitive, as Grayscale has decided to waive the 0.35% fee for the first 1 billion dollars of managed assets. On the other hand, competition in this niche is intensifying rapidly, as the firm Bitwise is also ready to introduce its own DOGE-linked investment vehicle this week.
Although previous products like the REX-Osprey ETP existed, this new fund stands out as the first purely spot vehicle to trade directly on regulated U.S. markets. This breakthrough comes just as the end of the U.S. government shutdown has opened the floodgates for a wave of altcoin-linked financial products. Thus, Wall Street demonstrates a growing appetite to diversify its portfolios beyond traditional digital currencies, further legitimizing the quintessential meme asset.
Could this institutional momentum drive the price toward 10 dollars in the long term?
Technical analysis suggests the asset has bounced strongly from the critical support level of 0.14 dollars, showing clear signs of a sustained recovery on the current daily chart. If the bulls manage to overcome the decisive barrier of 0.18 dollars, the token could break the current falling wedge and shoot toward 0.20 dollars in the near term. This would imply an upside potential of 33%, validated by indicators like the Relative Strength Index (RSI) which has begun to cross above its 14-day moving averages. Likewise, if buying momentum continues to accelerate, the asset could attempt to test the 0.28 dollars resistance before the annual close.
Current projections indicate that, if this pace of adoption and development is maintained, the price could double its current levels in an optimistic year-end scenario. In the long term, the massive influx of institutional capital through the Dogecoin spot ETF could pave the way toward much more ambitious and speculative targets. Some analysts suggest that continued adoption could lead the asset toward the 10 dollars mark in a future extended bull cycle. Finally, the cryptocurrency market watches closely, as these types of products usually act as key catalysts for prolonged bull runs across the entire sector.
