dogecoin Faces corrections despite Triumphant ETF Debut
Dogecoin’s value dipped this week, despite the successful launch of its first U.S.ETF. The price fell by 11% from its monthly peak.
The Rex-Osprey Dogecoin ETF (DOJE) made a strong first-day appearance, logging a trading volume of over $17 million.This made it one of the top ETF debuts in the past five years. Eric Balchunas, of Bloomberg, shared this insight via Twitter.
Despite its success, some factors made DOJE stand out. It was launched by a smaller asset management firm, Rex-Osprey. Moreover, with an expense ratio of 1.50%, it costs more than the average ETF.
This ETF success could signal a positive future for other crypto ETFs. Once approved, companies like Bitwise, Grayscale, and 21Shares may offer cheaper options using Act 33 rules.
Though,the crypto market sentiment has cooled off lately,pulling Dogecoin along with it. The total crypto market cap has fallen to $4.05 trillion.
The DOGE price chart shows a recent correction. After reaching the high of $0.3075, a typical pullback followed. But there’s hope.A bullish pennant pattern hints at potential future gains.The DOGE price might rise again before the ETF approval.
