The launch of the first negotiated American stock market (ETF) designed to offer an exposure to Dogecoin (DOGE) did not bring the immediate price increase that the traders were waiting for. Instead of a rally, the DOGE has dropped slightly, even if the ETF experienced a strong trading activity during its beginnings.
In short
- The price of Dogecoin dropped by more than 2 % within 24 hours of launching the ETF Rex-Osprey Doge, while the open interest in derivatives has only increased slightly.
- Discussions on social networks around Dogecoin exploded after the start of ETF, placing it among the most trendy digital assets.
Doje brings dogecoin to traditional markets
This Thursday, Rex Shares and Osprey Funds launched the Rex-Osprey Doge Etf (Doje) on the CBOE Bzx stock market. The fund offers investors a direct exposure to the Dogecoin spot price via actions, allowing access to cryptocurrency without managing digital wallets or holding the asset directly.
The ETF opened its first session at $ 26.51 per share, but ended the day slightly down to $ 26.37, a fall of 0.53 %. Despite this drop, commercial activity was remarkable for a launch, recording nearly $ 6 million in volume during the first hour. Bloomberg's ETF analyst Eric Balchunas has noted that new ETFs generally make less than $ 1 million their first day, which shows the strength of Doje's introduction.
This launch makes Doje the first ETF focused on the dogecoin listed in the United States. It also creates a new entry point for traditional investors, introducing Dogecoin in a more familiar financial framework and extending access beyond the native Crypto platforms.
Dogecoin is experiencing a measured price action despite the craze around the ETF
While the ETF started with solid demand, the price of dogecoin on the market did not reflect the same enthusiasm. In the past 24 hours, DOGE has dropped by more than 2 %. Coinglass data also shown a slight increase of 0.22 % of open interest, indicating a new limited activity in derivatives linked to cryptocurrency.
Even with the low price response, Dogecoin was one of the most discussed digital tokens on social networks. The Santiment Market Intelligence Company observed that discussion rates exploded after the launch of Doje, placing Dogecoin among the most trendy assets in the sector. This development has strengthened the perception of a displacement of the Dogecoin from its same origins to broader institutional attention.
In addition, data highlighted by analyst Ali Martinez showed significant accumulation on the part of major holders. He revealed yesterday that the whales bought more than 158 million Dogesa sign of interest on the part of major investors despite the lack of dynamism on prices.
Technical levels to be monitored
Martinez also described the key technical levels followed by traders. Dogecoin has repeatedly failed to exceed the resistance between $ 0.29 and $ 0.30, the Token having been pushed back into this range several times.
This price zone now represents a decisive barrier. Here is what to note:
- A fence above $ 0.29 with a high volume of purchases could open up up to $ 0.36 and even $ 0.45.
- A fall below the support (around $ 0.24 or less) could make the lower trend, at least in the short term.
- Fork $ 0.29 $ $ 0.30 is the main battlefield; A momentum supported above would signal a longer-term rally potential.
The drop in the price of Dogecoin reflects a wider weakening of the Crypto market in the last 24 hours. Positive news or developments could still push the Doge to the rise, potentially aligning the token movement with the expectations of traders.
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