Dogecoin ETF DOJE Debuts with $17 Million Trading Volume: Key Insights and Market Impact  

The Dogecoin ETF DOJE debut on September 18, 2025, marked a milestone for meme coins, with the fund achieving $17 million in trading volume on its first day, surpassing expectations. Launched by REX Shares and Osprey Funds on the Cboe BZX exchange, DOJE uses a 1940 Act structure with futures and derivatives for exposure. Alongside XRPR's $37.7 million volume, the pair totaled $54.7 million, ranking among top launches. This Dogecoin ETF DOJE debut highlights growing interest in altcoin ETFs in a $3.5 trillion cryptocurrency market. This article covers launch details, performance, comparisons, implications, and expert views.

Launch Details

The Dogecoin ETF DOJE debut introduced the first U.S. spot ETF for Dogecoin, the eighth-largest crypto by market cap, under ticker DOJE. Structured as a 1940 Act product, it gains exposure via a Cayman Islands subsidiary using futures and derivatives, rather than direct DOGE holdings. Traded on Cboe BZX, DOJE's launch aligns with rising meme coin demand, providing regulated access without direct custody.

• Ticker: DOJE on Cboe BZX.
• Structure: 1940 Act with futures/derivatives.
• Launch date: September 18, 2025.

Debut Performance

The Dogecoin ETF DOJE debut recorded $17 million in volume on day one, exceeding Bloomberg analyst Eric Balchunas's $2.5 million estimate. Within the first hour, it hit $6 million, far above the typical under-$1 million for new launches. This strong start ranks DOJE in the top 5 of 710 ETF launches in 2025, showcasing unexpected interest.

• Day-one volume: $17 million.
• First-hour: $6 million.
• Ranking: Top 5 launches of the year.

Comparisons to Other ETFs

The Dogecoin ETF DOJE debut outperformed expectations for a 1940 Act product, which often sees less traction than 1933 Act counterparts. Companion XRPR ETF posted $37.7 million, combining for $54.7 million. Balchunas noted DOJE's "no slouch" performance, suggesting it bodes well for future 33 Act Dogecoin ETFs, potentially within two months.

• XRPR volume: $37.7 million.
• Combined: $54.7 million for DOJE and XRPR.
• Future: 33 Act ETFs may follow soon.

Market Implications

The Dogecoin ETF DOJE debut signals growing institutional interest in meme coins, with analysts predicting significant capital inflows. On-chain data shows bullish signals: short-term holders accumulating DOGE, long-term holders distributing, hinting at a surge. Alphractal questioned, “Could we be close to a major price surge for Doge?” This could elevate DOGE to $5, reshaping the $3.5 trillion market.

• Bullish signals: STH accumulation, LTH distribution.
• Potential: $5 DOGE target amid inflows.
• Meme sector: Surge in regulated exposure.

Expert Opinions

Bloomberg’s Balchunas highlighted the Dogecoin ETF DOJE debut's $17 million as “Top 5 for year out of 710 launches,” noting its 40 Act structure's impact. He forecasted SEC approval for 33 Act versions soon, accelerating inflows. Analysts see this as a wave of capital for meme coins, with one predicting $5 DOGE.

• Balchunas: “DOJE is no slouch at $17 million.”
• Forecast: 33 Act approvals in two months.
• Price target: $5 for DOGE.

Final Insights

The Dogecoin ETF DOJE debut with $17 million volume on September 18, 2025, marks a strong entry for meme coin ETFs, alongside XRPR's $37.7 million. In a $3.5 trillion market, this signals institutional inflows, with on-chain data hinting at DOGE surges to $5. For actionable tips, track ETF volumes and holder metrics for entry points. Explore similar 1940 Act products for diversified exposure.