Dogecoin Sees Correction Despite DOGE ETF Launch Success
Dogecoin (DOGE) experienced a slight dip recently, though a new ETF launched in the U.S.performed impressively. The Rex-Osprey Dogecoin ETF (DOJE) attracted significant attention upon its debut.
Bloomberg analyst Eric Balchunas pointed out that DOJE’s first-day trading volume exceeded $17 million,placing it among the top-five single-day launches in the past five years. This achievement is noteworthy considering Rex-Osprey is a smaller asset management firm and DOJE carries a high expense ratio of 1.50%, compared to other funds.
- DOJE ETF achieved a robust first-day performance.
- High expense ratio still didn’t deter investors.
- Positive outlook for future ETFs by major players.
Despite these successes, Dogecoin’s price corrected by 11% from its monthly peak. Experts attribute this to sell-offs post the ETF launch and weakening crypto market sentiments. With Bitcoin and other altcoins also retreating, the overall crypto market cap moved to $4.05 trillion.
Technically, Dogecoin may rebound. The price chart shows a potential bullish pennant pattern, indicating possible recovery. A jump above $0.3075 could confirm this movement, potentially fueled by expected ETF approvals.
